Crypto exchange KuCoin recovers more than half of funds lost in the $280 million hack.

Cryptocurrency exchange KuCoin has successfully recovered as much as 84% of the funds lost to hacks in September, in an encouraging sign for those customers affected by the theft.

Crypto exchange KuCoin has successfully recovered as much as 84% of the funds lost to hacks in September, in an encouraging sign for those customers affected by the theft. In September, the crypto exchange was hacked to the tune of $280 million, leaving clients short of their cryptocurrency stored on the exchange. Now, KuCoin CEO and co-founder Johnny Lyu has said they have successfully recovered the bulk of the funds from those involved in the attack.

 

“So far, 84% of the affected assets have been recovered.” 

In a tweet, Lyu said that the recovery had been achieved with “approaches like on-chain tracking, contract upgrade, and judicial recovery.” He tweeted, “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 law enforcement, we will publish all the details once the case is closed.” While law enforcement requirements restrict Lyu or KuCoin from detailing the full recovery process until the case is closed, Lyu said the exchange had now resumed services for 176 tokens via the platform. 

 

Crypto exchange continues to recover lost funds. 

It is expected that the remaining crypto assets will be back online by November 22, as the exchange continues its recovery from the hack. In September, the funds stolen back were predominantly ERC-20 tokens, accounting for $147 million—over half of the total amount stolen. The remainder was divided between $87 million in Stellar and $30 million in Bitcoin. Some $160 million of the lost funds were recovered within days through a combination of forking, redeploying contracts, and blocking certain wallet addresses associated with the hackers.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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