KuCoin Starts Long Road to Recovery as it Resumes Deposits and Withdrawals of Assets
KuCoin is steadily making plans to get back on its feet after the hack attack on the platform weeks earlier, as it has resumed deposits and withdrawals of specific digital assets.
In a statement released via its spokesperson, the firm affirmed the latest development and said the idea was born out of the need to recover quickly from the attack. Presently, the firm said only users and traders in three digital assets would deposit and withdraw their assets. The three assets, according to the statement, includes Bitcoin, Etherueum, and ERC-20 USDT. Even though old addresses are still being out to use, the exchange has advised its clients to make necessary upgrades as soon as possible.
KuCoin begins deposits and withdrawals of BTC, ETH, and USDT
With Bitcoin, Ethereum, and ERC-20USDT available for deposits and withdrawals, the firm has also announced that holders of EOS and TRON would only deposit for the main time. A separate memo released by the outlet noted that they have continued over 60 pending projects, which were suspended as a result of the hack. Furthermore, KuCoin said it is still in talks with its partners on how the September hack would be fixed.
Notably, Tether froze about $22 million worth of USDT, while Covesting froze about $600,000 COV in a bid to limit the theft. Furthermore, the transfer of approximately $10.89 million AMPL was suspended by Ampleforth. At the same time, Ocean protocol sent most of its assets to the main KuCoin wallet at the hack time. The update also saw KuCoin list up to ten addresses that should be blacklisted and put under scrutiny.
KuCoin hack is the biggest in 2020 as its CEO confirms evidence against suspects
The KuCoin hack in September has been adjusted as the biggest heist on digital assets platforms. The hackers sent various digital assets from the platform, which was said to have amounted to about $150 million. The hackers were said to have exploited some loopholes in the hot wallets on the website and got access to the private keys before they unleashed mayhem on the website. After the hack, the platform released a statement that it will reimburse the affected wallets’ owners in due time.
While the exchange opted to go with an official figure of $150 million, reports have claimed that the total amount of stolen assets from the platform is valued at around $280 million. The hackers have since made their first move after the heist as they have already cashed in on about $17.1 million worth of Ether at different decentralized exchanges. The perpetrators specifically used decentralized exchanges owing to the knowledge that most of them operated without the need for a Know Your Customer (KYC) feature. In a report at the beginning of the month, KuCoin CEO, Johnny Lyu announced that they have been able to identify some of the suspects in an ongoing interview. Furthermore, he said they have enough proof that would be used to nail the suspects.
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