Cryptocurrency

Cryptocurrency Exchange Recovers after a Massive Hack

Cryptocurrency exchange KuCoin has continued its deposit and withdrawal services for Bitcoin, Ethereum, and Ethereum-based Tether tokens (USDT) that were not available after the recent $280 million hacks, according to a statement advertised today.

KuCoin exchange experienced a hack for many assets on September 25, 2020. The hackers managed to steal approximately 1,008 bitcoin. This included 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni, and EOS worth $14 million. Moreover, a $153 million ether and ERC20s, and more than 18 million XRP belong on the list. After the hack, Kucoin stated they worked with law enforcement and specific blockchain projects to recover the situation.

On October 3, KuCoin Global CEO Johnny Lyu declared that KuCoin officials found the hack’s suspects with substantial evidence in hand.

KuCoin CEO, Johnny Lyu, reported that Kucoin is coming back to full functionality. He noted that their company would do their best to offset the impact of the event. He added that 31 tokens had opened deposits, withdrawal services, and stronger tokens, such are Bitcoin, Ether, and Tether will follow.

On Wednesday, October 7, KuCoin announced that they had produced the wallet security upgrade for leading cryptocurrencies like Bitcoin, Ether, and Tether. Following the upgrade, KuCoin has renewed the deposit and withdrawal service of Bitcoin, Ether, and ERC-20-based Tether.

User of KuCoin losses touched $275 million

Significantly, Tether running on other blockchains like EOS, Tron, and Omni is not yet accessible for withdrawals.

An international cryptocurrency exchange KuCoin announced that the cryptocurrency exchange is steadily recovering all tokens’ deposit and withdrawal services. And the full gain of Tether will also proceed soon.

Cryptocurrency Exchange published that Bitcoin, Ether, and Tether have all built new deposit addresses. Kucoin informed customers that it would be better to renew their deposit addresses.

Significantly, after the ten days of September’s massive hack, the cryptocurrency exchange started rebounding. According to Kucoin, user losses touched $150 million, while Chainalysis, a significant cryptocurrency analytics corporation, reported losses at $275 million.

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