On September 25, 2020, KuCoin fell victim to a massive hacker attack. The hacker managed to withdraw a total of $281 million in cryptocurrency from hot wallets. The KuCoin platform took responsibility for the counter-attacks and managed to recover most of the stolen funds with the help of its cryptocurrency partners.
$204 million in cryptocurrency returned to users
The theft of this century occurred on KuCoin in late September. Hackers gained access to the hot wallets of users of cryptocurrency assets, stole more than 1008 Bitcoins (BTC), 26,733 litecoins (LTC), almost 10 million Stellar coins (XLM), 18 million XRP, Ethereum (ETH) and various ERC20 tokens - $153 million USA.
Despite the shock, the KuCoin team was able to respond quickly to compensate and reverse the effects of the attack. Through collaborations with other exchange platforms and related cryptocurrency project teams, KuCoin CEO Johnny Liu was able to announce that he had returned $204 million of the $281 million stolen asset.
The platform manager also stated that the investigation of the hacker attack is ongoing:
After a thorough investigation, we have identified suspects related to the KuCoin security incident and we have a lot of evidence. Officials and the police are fully involved in taking appropriate action.
KuCoin is back to work
KuCoin announced last week that the platform will once again fully provide deposit and withdrawal functions for Bitcoin, Ether and USDT.
According to the information received, for all 102 cryptocurrencies, services have been fully restored. After the sensational hacker attack, KuCoin is doing everything to restore functionality and access to all cryptocurrency projects that exist on its platform.
Users should note that most projects have new wallet addresses set. In order to improve security, it is highly recommended to replace the old address with a new one.
Thus, the prompt and well-coordinated actions of the KuCoin team in response to the hacker attack made it possible to minimise image and financial losses, but also to quickly restore the services provided by the platform to its users.