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KuCoin Has Recovered 84% of Stolen Funds in September Hack

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KuCoin Has Recovered 84% of Stolen Funds in September Hack

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More than a month after hacking and consuming nearly $300 million worth of various cryptocurrencies, the popular KuCoin exchange has reclaimed 84% of all funds. The company’s CEO also announced that full service for all tokens will resume before November 22nd.

As Lightblocks reported at the end of September, a “security incident” occurred with the KuCoin cryptocurrency exchange. Various digital assets worth several million dollars were lost.

KuCoin Recovers $235 Million

Although the first report claimed that the amount stolen was $150 million, it was later revealed to be approximately $280 million. The exchange worked with law enforcement agencies to investigate the case. Soon after, KuCoin claimed they had discovered the perpetrator’s identity.

Company co-founder and CEO Johnny Lyu announced more encouraging news today on Twitter. He explained that 84% of the affected assets have been recovered through on-chain tracking, contract upgrades and judicial recovery.

That percentage equals approximately $235 million of the stolen $280 million.

Normal Operations will Resume Before November 22nd

Lyu added that the exchange has resumed full service for 176 tokens and plans to do so for all tokens by November 22nd.

KuCoin CEO noted that he is very pleased that his company handled this incident openly and transparently, always putting users first. He added that KuCoin will continue to protect the users as always.

Lyu also believes this incident will ultimately lead to a stronger crypto community. He thanked all parties who remained involved in the investigation. However, he added that the company would release more details once the case was fully closed.

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