KuCoin Resumes Withdrawal Services Nearly 2 Months After Hack

KuCoin Resumes Withdrawal Services Nearly 2 Months After Hack

By Abhimanyu Krishnan | News | 23 Nov 2020


According to a blog post published on Nov. 22, KuCoin has resumed deposit and withdrawal services on the exchange following the $281 million hack it suffered in Sep. 2020. 

  • Deposit and withdrawals on the platform have resumed, but some tokens have a daily withdrawal limit ”due to the ongoing judicial proceedings for some tokens”
  • The exchange had paused withdrawals after a hacker stole $281 million in BTC and ERC-20 tokens in Sep.
  • KuCoin has said that it has identified the culprit, though it has not offered any details since; meanwhile, the hacker has sold some of the assets and shuffled them around
  • The hacker has been moving funds as recently as Nov. 5, making 3 separate transactions to transfer $3.5 million in BTC
  • Users who have been affected by the fund have been compensated via the exchange’s insurance fund

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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