The Kucoin exchange one of the largest companies in terms of daily volumes, using the voice of their CEO on Twitter have declared that have recovered 84% of the hacked funds worth $236M.
Johnny Kyu the exchange Chief Executive Officer (CEO) released this statement on his twitter thread and also said that the platform is planning to go back to normal after the company issue an official press release about the incident as noticed by decrypt news.
Here a portion of his tweet:
(1/3) Latest updates about #KuCoin Security Incident: So far, 84% of the affected assets have been recovered via approaches like on-chain tracking, contract upgrade and judicial recovery. As asked by the law enforcements, we will publish all the details once the case is closed.
And can be seen in this twitter thread link here on Johnny Lyu.
The hack incident on the platform occured in September when criminals hacked the exchange and stole large quantities of crypto assets, to be able to do that the cyber thieves used a leaked private key to access the funds. Days later the team of Kucoin told the users that they knew the attackers and together with law enforcement agency were working to bring them to justice and recover the funds.
It seems they have already arrested the suspects and this new statement bring also more news will come along after the law enforcement confiscate all the stolen assets and recover the funds. The platform when the incident happen also assured that the customers funds were protected by insurance and to not worry about, since this incident the firm have been working with difficult but after this they will resume in 100%.
More than 176 tokens and assets are already restored to trade on the platform, more of them have been said to reopen before Nov.22, 2020.
The hacking on exchanges have been happening since the born of trading on the crypto space with many being losing assets and even dying because of this incidents, it resumed that exchanges have been victims of criminals almost daily due to security issues but only declare when they suffer bigger attacks like the one happened with Kucoin. In the past biggest exchange MT.Gox was the first to lose all assets due to this criminals activity and even close the doors from the incident leaving thousands of clients until today claiming for their assets, today the same clients are fighting in the court to recover this assets in Japan but this fight will be epic!
More recently the biggest hack on exchanges happened on the UPbit exchange with millions worth in assets being ripped off from the exchange. Bitfinex also was targeted by this cyber criminals and even offered a reward in millions to anyone who can get them in contact with the hackers, the reward was also directed to criminals who for free could return the amount to the Exchange.
To note also that even Binance the largest exchange in the world in the actuality have been hacked and lost almost 700 bitcoins at the time, Changpeng Zhao also know CZ the exchange CEO noted that all customers funds were Safu-a particular way he have to say that customers money is safe, but that amount stolen on the platform was never recovered and the criminals one more time won the battle against the authorities.
This problem of hacking won't end that soon and this firms must daily upgrade their security service and stay up-to-date with this, as cyber criminals also every day are seeing ways to break them down to steal from them!
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