KuCoin’s CEO, Johnny Lyu, has recently disclosed via his Twitter feed the recovery of most of the cryptos stolen by hackers some weeks back, which caused a ripple among crypto investors in the crypto-verse.
In a report seen by Nairametrics, KuCoin CEO stated that about 84% of the affected cryptos have been recovered via approaches like on-chain tracking, contract upgrade, and judicial recovery. As requested by law enforcement agents, we will publish all the details once the case is closed.
(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.
— lyu_johnny (@lyu_johnny) November 11, 2020
“KuCoin has resumed the full service of 176 tokens and all others are scheduled to be re-opened before November 22. Again, I would like to thank all the individuals and institutions who helped us in this incident; together, we will make a stronger crypto community.
“As the People’s Exchange, I’m glad that we have dealt with this incident in an open and transparent manner, always putting our users first. Looking forward, KuCoin will continue to safeguard our users and bring more crypto hidden gems to the world, as we always did,” Johnny Lyu tweeted
What you should know
Nairametrics, a few weeks ago, gave key insights into a reported hack on KuCoin, after private keys linked to crypto wallets got exposed and might have affected $150 million in user funds.
He further said findings of the internal security audit report revealed part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.
KuCoin disclosed it was partnering with major crypto exchanges that included Binance, BitMax, OKEx, Huobi, and ByBit and added it was cooperating with law enforcement agencies on the matter.
At least in the near term, it would make it challenging for hackers to try to move the funds. The CEO said,
“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax, and Bybit, as well as Blockchain projects, security agencies, and law enforcement to work on this. Some effective measures have been taken, and we will update with more details soon.”
