KuCoin Says That Suspects of Hack Identified

KuCoin Says That Suspects of Hack Identified

By Abhimanyu Krishnan | News | 5 Oct 2020


Co-founder and CEO of KuCoin, Johnny Lyu, tweeted on October 3 that the suspects of the $281 million hack had been identified. 

  • CEO Lyu announced that the suspects had been identified with substantial proof at hand, and that law enforcement would take action
  • Lyu also said that, with the cooperation of industry entities like exchanges, Kucoin has reclaimed another $64 from the hacker’s addresses, bringing total recovery to $204 million
  • The KuCoin exchange was hacked on September 30, losing as much as $281 million; users’ funds were covered through insurance
  • The hackers attempted to shuffle the funds through decentralized exchanges
  • KuCoin is returning to full operational status, with 31 tokens now open for deposits and withdrawals
  • The incident led to KuCoin to forming the Safeguard Program, a network of industry members who will make concerted efforts to deal with security incidents

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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