- KuCoin has retrieved 84% of the funds stolen in the September hack
- All tokens are expected to be live on the site by November 22
- A full report will be published once law enforcement have completed their investigation
KuCoin has recovered 84% of the funds stolen in September’s hack, according to co-founder and CEO Johnny Lyu. Lyu took to Twitter to update the community on the progress of the investigation, revealing that the exchange planned to fully reopen all services at the end of the month and giving assurances that details of the hack would be published once law enforcement had closed the case.
KuCoin Uses Various Means to Retrieve Tokens
KuCoin fell victim to a hack on September 26 which saw $275 million worth of tokens stolen from the exchange. Within a week Lyu claimed that the company had identified the perpetrators and had informed police, with the results of their efforts evidently bearing fruit – Lyu’s update yesterday mentioned “on-chain tracking, contract upgrade and judicial recovery” as some of the methods used to recover the funds.
KuCoin initially thought that only $150 million worth of tokens had been stolen in the hack, but blockchain analysis firm Chainalysis later upgraded the loss to somewhere near $275 million. KuCoin acted quickly after the hack, securing over $200 million worth in the days following it, which has helped the exchange to re-enable 176 trading pairs, with the remainder set to resume trading on November 22.
Not Everyone Agrees With CEO Assessment
Not everyone agreed with Lyu’s assessment that the exchange has “dealt with this incident in an open and transparent manner”, with one user saying suggesting that it was others are responsible for saving the exchange:
Even if KuCoin is not able to secure any more funds, achieving an 84% retrieval makes it one of the most successful post-hack recoveries by an exchange, if not the most. The collaboration between the centralized exchanges and other agencies such as Chainalysis shows that security in the crypto space is finally getting somewhere near where it needs to be if the space wants to grow as many would like.