After a $275 million hack in September, crypto exchange KuCoin announced that it has “restored the deposit and withdrawal services of all tokens.” After a partial reopening of services in October, this restoration of services is the exchange’s latest step towards a full recovery. KuCoin users were allowed to move their Bitcoin, Ether, and Tether Dollars on and off of the exchange back in October. However, users can now move the full variety of tokens on and off the exchange. Through some tokens may have some withdrawal restrictions due to “ongoing judicial proceedings.”
The full functionality of KuCoin is yet to be restored.
KuCoin may have a way to go before full functionality is restored. When the crypto exchange was hacked on September 26th, the original sum of stolen crypto was reported around $150 million. However, crypto analytics firm Chainalysis reported that the number was closer to $275 million. As reported earlier, when the crypto exchange was hacked, it said that the incident was being investigated by law enforcement and that users would not lose their funds.
Crypto exchange is dealing with several other challenges as well.
While KuCoin appears to be on the road to recovery, the crypto exchange is still dealing with several other challenges, including its web domain, which is currently locked in Singapore. In the United States, KuCoin is embroiled in a class-action lawsuit. Still, the Seychelles-based company is moving forward on other fronts. It was also reported that the crypto exchange is planning the launch of a non-fungible token (NFT) exchange. NFTs are unique, ‘collectible’ tokens that have use cases in areas that include ‘artwork and GameFi .’According to an announcement published by the exchange, the NFT exchange platform will be fully operational within “the next few months.”
