Kucoin Recovers 84% of Funds Stolen in $280 Million Hack – Blockchain Bitcoin News


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.

Tags in this story
BitFinex, Exchange hacking, Johnny Lyu, Kucoin crypto exchange, Stolen funds recovered, Tether

What do you think about the Kucoin funds recovery? Let us know in the comments section below.

Jeffrey Gogo

Jeffrey Gogo is an award winning financial journalist based in Harare, Zimbabwe. A former deputy business editor with the Zimbabwe Herald, the country's biggest daily, Gogo has more than 17 years of wide-ranging experience covering Zimbabwe's financial markets, economy and company news. He first encountered bitcoin in 2014, and began covering cryptocurrency markets in 2017

Image Credits: Shutterstock, Pixabay, Wiki Commons

Show comments