- KuCoin co-founder updated the community about the KuCoin hack and the recovery process.
- The exchange has recovered 84 percent of the stolen funds.
- The exchange has resumed services for 176 tokens while others will be resumed by 22 November.
One of the co-founders of the cryptocurrency exchange platform KuCoin, Johny Lyu, revealed that the exchange has recovered a majority of the funds stolen in the KuCoin hack.
The exchange was breached in September this year, with the hackers stealing over $280 million worth of cryptocurrencies. Now Lyu took it to Twitter to reveal that the exchange has recovered around 84 percent of the stolen funds.
KuCoin hack
Cryptocurrency exchange platform KuCoin was hacked on 26 September, with the hackers stealing a large sum of cryptocurrencies. While the initial damage report stated that the hackers had stolen at least $150 million worth of cryptocurrencies, the damage was much worse.
A thorough investigation revealed that the hackers had stolen more than $280 million worth of cryptocurrencies, including Bitcoin (BTC), Stellar (XLM), and a wide spectrum of ERC-20 tokens.
Reportedly, the hackers had made off with $147 million in multiple ERC-20 tokens, around $87 million worth of XLM, and $30 million in BTC.
KuCoin has resumed services
Lyu revealed that the team attempted different approaches such as “chain tracking, contract upgrade, and judicial recovery” to recover 84 percent of the stolen funds. Lyu added that the details of the recovery would only be revealed once the case has been officially closed.
When KuCoin first reported its breach, many projects, including asset managers that moved to freeze or recover the funds.
Lyu also revealed that the exchange has resumed services for 176 tokens while the others will be resumed by 22 November.
While the recovery team has done a great job in restoring most of the stolen, it is unknown whether the team will be able to recover all of them. Just last week, Cryptopolitan reported that $3.5 million worth of cryptocurrencies in connection to the KuCoin hack was moved to another address. Furthermore, 18 million XRP tokens were reportedly moved from the hack on 29 September.
