The Hong Kong-based cryptocurrency exchange KuCoin seems to have found success in tracking down funds stolen in a hack back in September as a Senior Executive from the company has said that they have recovered a major portion of stolen funds. According to the executive, the crypto exchange has been able to retrieve approximately 84 percent of all stolen funds so far. He also claimed that the exchange is planning on resuming full service very soon.
84% retrieved out of $280 million stolen funds
On the 11th of November, the Co-Founder and Chief Executive Officer (CEO) of KuCoin Johnny Lyu appeared on Twitter and reported the recovery of the exchange’s stolen funds. Lyu said that so far now, they have managed to recover 84 percent of the total stolen funds. As per KuCoin executive’s claim, the exchange seems to have retrieved around $235 million out of the total $280 million funds stolen by hackers.
While providing an update over the KuCoin security incident in a tweet, Johnny Lyu said that they adopted different approaches for recovering these funds. These include contract upgrade, judicial recovery, and on-chain tracking. Lyu has said that they will unveil all of the details regarding this case once it is closed.
Also read:KuCoin was hacked back in the month of September and lost more than $280 million worth of digital assets. Hackers attacked hot wallets of the exchange and detained these funds from there. Funds were stolen in Bitcoin (BTC), Stellar tokens, and several ERC-20 tokens.
Full service of 176 tokens has been resumed now
Following the September hack, KuCoin halted the deposit and withdrawal service for users. However, it gradually started resuming these services in the first week of October. On Oct 7, the exchange announced to restart services for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) after going through a wallet security upgrade for these digital tokens.
Now, KuCoin has reopened full services for around 176 tokens out of the total, says the exchange’s co-founder. Moreover, he said that the company plans to resume full services for all tokens before the 22nd of Nov.
In another tweet, Lyu said, “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.”
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