KuCoin Exchange declares identifying hack suspects

Cryptocurrency Exchange KuCoin's CEO Johnny Lyu said that he has strong evidence against the hackers who stole more than $250 Million.

By · Oct 5, 2020 . 5min read

KuCoin Exchange hack news

After squandering more than $250 million worth of cryptocurrencies in a security incident on September 26, KuCoin found new evidence to recognize those responsible for the hack. It’s been precisely one week since Singapore-based cryptocurrency exchange KuCoin suffered one of the massive hacks.

However, now the exchange claims that it has found the siphoned hack suspects with substantial proof at hand. KuCoin CEO Johnny Lyu disclosed this today on Twitter. He states that the police and other law enforcement agents are officially included and ready to take strict action with the new evidence.

A quick update since my last livestream on Sep 30. After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.

@lyu_johnny on Twitter

However, we reported that most of the cryptocurrencies involved in the security incident were DeFi and ERC-20 tokens. Tether and Bitfinex alone suspended $33 million worth of USDT. Other projects like Ocean Protocol and Akropolis also took various measures like forking, freezing, and blacklisting to stop the hackers from utilizing or transferring the funds.

In order to limit the hacker from profiting from the exploit at the ORN community’s expense, the Orion Protocol took an administrative decision to reissue all ORN tokens 1:1 through a token swap. Furthermore, Kucoin has set up an insurance platform. Therefore, KuCoin guarantees it, users, regarding the recovery of losses.

KuCoin recovers $204 Million.

Johnny Lyu added that as of October 1, KuCoin has succeeded in grappling another $64 million in assets from dubious addresses with its associates’ help in the industry. This causes the total value of recovered assets to $204 million. The exchange is also gradually coming back to full functionality, said Lyu. He further states that it has re-established deposit and withdrawals for 31 tokens. Moreover, services for BTC, ETH, and USDT will follow. 

Earlier, the KuCoin group declared that a website uses the KuCoin trademark. It asked users to transfer digital assets to particular deposit addresses by operating fraudulent incentivizing activity on the webpages. Therefore, it warned its users against this fraudulent website. 

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