The CEO and co-founder of KuCoin, Johnny Lyu announced that he has found the hackers behind last month’s security breach on the exchange.
October 3, 2020 | AtoZ Markets – After losing more than $250 million worth of cryptocurrencies in a security breach on September 26, KuCoin may have identified those responsible for the hack.
As AtoZ Markets reported, the Singapore-based cryptocurrency exchange KuCoin suffered what has been reported as the third biggest hack in the history of crypto. However, after a thorough investigation, the exchange claims that it has found the hackers who stole $280 million with “substantial proof at hand.”
KuCoin CEO claims to have found hackers
KuCoin CEO, Johnny Lyu tweeted earlier today that they have identified the suspects responsible for the hack and have now officially involved law enforcement in the investigation and ready to take action.
A quick update since my last livestream on Sep 30.— lyu_johnny (@lyu_johnny) October 3, 2020
After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.
At the time of writing, the hackers have sold at least $13 million of the crypto on decentralized exchanges. However, KuCoin said it has been working closely with crypto exchanges and projects to help recover some of the stolen funds. Most of the stolen cryptocurrencies were DeFi and ERC-20 tokens.
Following the hack attack, Tether and Bitfinex froze $33 million worth of USDT. To prevent the hackers from using or transferring the funds, other crypto projects like Ocean Protocol, VIDT_Datalink, and Akropolis also took several measures like freezing, forking, and blacklisting.
According to Lyu’s update, another $64 million worth of tokens has been recovered, bringing the total to $204 million.
KuCoin is coming back to fully functionality. My team and I will continue to do our best to offset the impact of the incident.— lyu_johnny (@lyu_johnny) October 3, 2020
As of now, a total of 31 tokens have opened deposit & withdrawal services, and more tokens including $BTC, $ETH and $USDT will follow.
KuCoin continues full operation
Following the hack attack, the exchange suspended its trading services. Nevertheless, Lyu has said users can now deposit and withdraw more than 30 tokens with more to follow, including Bitcoin, Ethereum, and USDT.
The CEO announced that the exchange would commence full operation shortly as they continue to do their best to “offset the impact” of the hack as earlier promised. Lyu also said that the exchange has sufficient funds in the bank to cover all of its losses.
Think we missed something? Let us know in the comment section below.