KuCoin Recovered 84% Of Stolen Cryptocurrencies After $ 280 Million Hack, Co-Founder Says

Cryptocurrency exchange KuCoin recovered most of the funds lost in a $ 280 million hacking incident in September, a senior executive said.

Johnny Lyu, co-founder and CEO of KuCoin, announced on November 11, the exchange recovered 84% of the stolen assets. Lyu said the recovery process involved “chain monitoring, contract updating and judicial recovery”. He also noted that the exchange will post more details on the refund once the case is closed.

According to Lyu, KuCoin has resumed full services for trading 176 tokens on its platform. He said services for the remaining coins are expected to reopen before November 22. As previously reported, KuCoin has a total of 230 tradable assets on its platform.

In announcing the news on Twitter, Lyu did not specify the exact amount of resources lost due to the hacking incident. KuCoin initially estimated that user losses amounted to $ 150 million, while crypto analysis firm Chainalysis later estimated the losses at $ 275 million.

Lyu previously told Cointelegraph that the breach affected hot wallets holding Bitcoin (BTC), Ether (ETH) and ERC-20 tokens. A large number of stolen ERC-20 tokens were subsequently frozen by major crypto projects in an effort to prevent withdrawals. In early October, Lyu announced that KuCoin executives managed to find the hacking suspects with “substantial evidence at hand.”