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84% Stolen Cryptocurrency From Kucoin Exchange Has Been recovered

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84% Stolen Cryptocurrency From Kucoin Exchange Has Been recovered

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Kucoin Exchange Users

KuCoin has recovered approximately $ 235 million from the $ 280 million stolen a month ago. The exchange promises that all services will return to normal within the next two weeks.

After being hacked and hacked for around $ 300 million by various cryptocurrencies, the popular exchange Kucoin has recovered 84% of all funds. The CEO of the company also indicated that they would resume full service for all tokens by 22 November.

KuCoin recover 84% of all stolen money

The cryptocurrency exchange KuCoin experienced a "security incident", resulting in the loss of millions of dollars of various digital assets.

Although initial reports claimed the stolen amount was $ 150 million, it was later discovered that the number was about $ 280 million. The exchange collaborated with law enforcement agencies to investigate the case. Shortly afterwards, Kucoin claimed that he had ascertained the identity of the culprits.

Earlier today, the company's co-founder and CEO Johnny Lyu provided even more promising news. He said on Twitter that "84% of affected property has been recovered through approaches such as on-chain tracking, contract upgrades, and judicial recovery."

Such a percentage would mean that Kucoin recovered approximately $ 235 million out of $ 280 million stolen.

General service to resume before November 22

Lyu said that the exchange has resumed full service of 176 tokens and plans for all coins before 22 November.

The CEO of Kucoin said that he was happy that his company "dealt with the incident in an open and transparent manner, always putting our users first. Looking ahead, Kucoin will continue to protect our users and bring more crypto hidden gems into the world as we have always done. "

Lyu also believes that this event will eventually result in a "strong crypto community". He thanked all parties who assisted in the continuing investigation but said that the company would publish further details if the case was completely closed.

It is worth noting that the theft of $ 280 million ranked the Kucoin Hack the third largest in the industry.

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NOVEMBER 10, 2020