When KuCoin experienced a security breach months ago that led to the loss of a lot of money, many users believed that their holdings went with the hack. Many crypto-related firms suffer from cybercriminals, like hackers, who manipulate the software to steal millions of dollars. Last year, the space saw multiple hacking incidences, which led to money losses and building stronger security protocols.

The exchange’s CEO reassured the public that no one had lost their holdings due to last year’s hack because the firm successfully got back all the money it lost. The digital asset space receives the news with much joy because most people thought the firm could not retrieve the lost funds, being silent for many months after the hack.

KuCoin recovers all stolen funds

Since its biggest security breach ever, KuCoin has gone public to announce the full recovery of the money lost in September. The firm’s executives explained that the fund’s retrieval meant that no one would suffer a loss on account of the hack. Hackers are known to exploit vulnerable parts of a system to get unwarranted access to the platform.

Similarly, the anonymous hackers who invaded KuCoin remain unknown to the public, but some believe they manipulated KuCoin-owned wallets to accomplish their mission. When the exchange first discovered the breach, it thought around $150 million went missing, unknown to it, almost double that amount was stolen by the bad actors.

The theft’s size easily makes it one of the largest crypto hack, which caused an uproar on various crypto community platforms on the net. Immediately the exchange discovered the theft; it raised the alarm by informing the authority about the hack.

Fortunately, the CEO explained that the firm has some proof tying down some suspects. During the heat of the crisis, the company halted its transactions to investigate efficiently and recovery a substantial part of the funds

KuCoin recovers missing funds in batches

After the hack, the firm recovered some part of the money because of the team members’ rigorous efforts, the security department, and project partners. The cooperation led to the recovery of almost 80% of the funds. The firm also revealed that working with the authorities helped the exchange retrieve 6% of the stolen money.

The remaining money had the insurance fund’s joint efforts and the exchange, which completes the total money missing. While revealing that customers would not be affected by the hack, it reassured that the team would beef up security protocols to prevent such incidents from recurring.

The firm’s letter explained how it recovered all missing funds while revealing that the stronger protocol would stop future losses. The letter also described some of the exchange’s achievements and plans towards the new year. It revealed that it has taken on new projects, adding to its impressive list, while accommodating more currencies globally.

The firm now supports 53 fiat currencies within its platform. Apart from the currency addition, the KuCoin revealed that its trading volumes have grown over the years, signaling the exchange’s internal growth. The platform also records higher users, generating impressive revenue for the company.

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