KuCoin Covers Remaining Losses From 2020 Hack With Insurance

KuCoin cryptocurrency exchange reported that the exchange's insurance funds have covered the remaining losses of crypto assets stolen in 2020 hack attack.

February 4, 2021 | AtoZ Markets – Johnny Liu, CEO of crypto exchange KuCoin, has revealed that users have not suffered any losses due to the hack attack that occurred last year as insurance funds covered the $16 million unrecovered from the incident.

In September 2020, the cryptocurrency exchange was hacked and 230 types of cryptocurrencies were stolen from its hot wallet. The amount of damage at that time was about $285 million.

Ryu has revealed that efforts by other exchanges and law enforcement agencies have led to the recovery of  $239.45 million. In November 2020, KuCoin announced that it had recovered 84% of its funds.

KuCoin CEO Says Insurance Covered Remaining Losses

According to Ryu, the exchange used insurance funds to cover the remaining $45.55 million in hacked funds, leaving customers' funds unaffected by the incident.

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Ryu also commented on the progress of the investigation to find the perpetrators of the hack, saying that "we have a good deal of clues about the suspect and tracking is still underway."

KuCoin CEO Ryu also outlines some of the improvements that hacking has made to the exchange's security architecture. According to Ryu, KuCoin has upgraded its entire security system across the web, apps, and API protocols.

KuCoin is one of the five crypto exchange hacking incidents that occurred in 2020. Hacking on cryptocurrency exchanges will decrease in 2020 as security on the exchange side is strengthened.

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