Kucoin Recovers 84% of Funds Stolen in $280 Million Hack

Kucoin Recovers 84% of Funds Stolen in $280 Million Hack

Kucoin chief executive officer Johnny Lyu revealed Wednesday that the exchange recovered 84%, or $235 million, of the $280 million stolen in one of crypto industry’s biggest hacks in September.

In a tweet, Lyu said the affected funds have been recovered “via approaches like on-chain tracking, contract upgrade and judicial recovery. As asked by the law enforcements, we will publish all the details once the case is closed.”

The Kucoin co-founder stated that the exchange has resumed trading for 176 tokens and the rest will be re-opened before November 22.

Hackers made off with $30 million worth of bitcoin (BTC) when they ransacked the exchange on Sept. 25. They also plundered $147 million worth of multiple ERC-20 tokens as well as $87 million in stellar tokens.

It wasn’t long before Bitfinex froze $13 million USDT on EOS as part of the hack and Tether froze $20 million USDT sitting in the hacker’s ethereum address. Within days, $160 million had been recovered through various strategies from multiple platforms.

However, by the end of September, the cyber-thieves had managed to cash out tokens worth nearly $13 million, which were laundered via decentralized protocols. Seven days ago, the hackers became active again, using mixers to move ERC-20 tokens to another ethereum address.

What do you think about the Kucoin funds recovery? Let us know in the comments section below. Tim Draper"s Venture Studio to Triple-Down on Blockchain Projects With a $25M Fund BLOCKCHAIN | Oct 6, 2020 Amid US Postal Service "Crisis" USPS Files Patent for Blockchain Mail-in Voting Scheme BLOCKCHAIN | Aug 17, 2020 Tags in this story BitFinex, Exchange hacking, Johnny Lyu, Kucoin crypto exchange, Stolen funds recovered, Tether

Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Show comments