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KuCoin CEO Johnny Lyu recently revealed via his Twitter feed the recovery of most of the cryptocurrencies stolen by hackers a few weeks ago, which caused a wave among cryptocurrency investors in the crypto-verse.
In a report seen by Nairametrics, KuCoin’s CEO said around 84% of affected cryptocurrencies have been recovered via approaches such as chain tracking, contract updating, and judicial recovery. As required by law enforcement, we will post full details once the case is closed.
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(1/3) Latest updates on #KuCoin Security Incident: So far, 84% of affected assets have been recovered through approaches such as chain monitoring, contract updating and judicial recovery. As required by law enforcement, we will post full details once the case is closed.
– lyu_johnny (@lyu_johnny) November 11, 2020
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“KuCoin has resumed full service of 176 tokens and all others are expected to reopen before November 22. Once again, I would like to thank all the people and institutions who have helped us in this incident; together, we will create a stronger crypto community.
“As the People’s Exchange, I am delighted that we have addressed this incident openly and transparently, always putting our users first. Looking ahead, KuCoin will continue to safeguard our users and bring more hidden crypto gems into the world, as we always have. done “, Johnny lyu tweeted
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What you should know
Nairametrics, a few weeks ago, provided key insights into a reported attack on KuCoin, after private keys linked to crypto wallets were exposed and may have impacted $ 150 million in user funds.
He further stated that the results of the internal security audit report revealed that part of Bitcoin, ERC-20 and other tokens in KuCoin’s hot wallets were transferred from the cryptocurrency exchange, which contained few parts of the total assets held.
READ: Unknown entity transfers $ 166 million worth of Bitcoin
KuCoin revealed it was partnering with major cryptocurrency exchanges which included Binance, BitMax, OKEx, Huobi, and ByBit and added that it was partnering with law enforcement on the matter.
At least in the short term, it would make it difficult for hackers to try and move funds. The CEO said,
“We are in contact with many major cryptocurrency exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as with Blockchain projects, security agencies and law enforcement agencies to work on this. Some effective measures have been taken and will soon update with more details “.
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