KuCoin has identified the masterminds behind the recent security breach in the exchange. The co-founder and CEO of KuCoin, Johnny Lyu, made an announcement on Twitter informing users and the entire crypto community about the discovery.
He added that law enforcement officials are already taking legal actions against the attackers. However, he did not give many details about the perpetrators. The exchange was hacked on September 26, which makes it one of the largest centralized exchange hacks so far.
Though the initial amount stolen from the exchange’s hot wallets was $150 million, the number later increased to $281 million. Reports from Finance Magnates confirms the stolen assets were stored in wallets for several cryptos. These cryptos include BTC, bitcoin SV (BSV), ETH, LTC, XRP, Stellar Lumens (XLM), Tron (TRX), and Tether (USDT).
While tracing the hackers, KuCoin is also trying to gain control of the stolen funds before they begin to experience liquidation on other platforms. And to comply with the ongoing investigations, KuCoin has suspended its operations till further notice.
In other news, Tether and Bitfinex already froze $33 million worth of USDT. This happened after the hack attack to prevent hackers from using or transferring the funds. Other crypto projects like Ocean Protocol, VIDT_ Datalink, and Akropolis also took preventive measures like freezing, forking, and blacklisting.
Meanwhile, in a recent tweet, Lyu announced that another $64 million worth of tokens are no longer under the control of the hackers. So far, they have been able to recover $204 million since October 1.
KuCoin to continue full operation
Though the exchange suspended its trading services, Lyu disclosed that users can now deposit and withdraw more than 30 tokens, including Bitcoin, Ethereum, and USDT.
The CEO further announced that the exchange will begin full operation soon, as they are trying to take responsibility for the losses and fix damages caused by the hack.