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KuCoin exchange resumes Bitcoin, Ether deposit and withdrawal service

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Leading Hong Kong-based digital currency exchange, KuCoin had temporarily halted its cryptocurrency trading services amid the recent cyberattack, which resulted in the loss of millions of dollars. Regardless, the exchange has been active to respond to the challenge and has been gradually bringing back its services as the team improves the security walls of the exchange. 

Bitcoin, Ether, and Tether service resumes

Following an update from the KuCoin exchange on Wednesday, it has fully resumed deposit and withdrawal functions for three of the most-traded digital currencies, Bitcoin (BTC), Ether (ETH), and the US dollar-backed stablecoin, Tether (USDT). Noteworthily, customers holdings on the exchange, henceforth, are more secured, given that KuCoin exchange also upgraded security measures for the cryptos’ wallets.  

As a result, the exchange now makes use of new addresses for deposits in Bitcoin, Ether, and Tether. KuCoin customers can still process deposits using the old addresses; however, the exchange recommended that they should update the deposit addresses. Apart from the Ethereum version of Tether (ERC20-USDT), which has been opened for withdrawal and deposit, other versions of the stablecoin (Tron, EOS, and OMNI) are only supported for deposits at the moment.

KuCoin exchange is recovering from the $281 million hack

The Hong Kong exchange has been actively working to restore the deposit and withdrawal for most of its supported cryptocurrencies. So far, about 65 cryptocurrency projects have fully resumed on the exchange. Notably, the exchange had to shut down the service for the cryptos immediately after the incident, which reportedly led to the loss of $281 million in digital currencies, including Ripple (XRP).

While working to restore the services with adequate security, the KuCoin exchange also collaborated with several institutions to investigate the recent attack. Later on October 5, the exchange disclosed that the attackers had been identified, although it failed to further reveal the identities or the names of the culprit. 

However, KuCoin did assure in the statement that disciplinary measures have been taken up against the hackers.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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