KuCoin Exchange Recovers 84% ​​of Stolen Crypto After $280 Million Hack


Kucoin has recovered 84% of the funds that were stolen in September and plans to be back to normal later this month.

November 11, 2020 | AtoZ Markets – The KuCoin cryptocurrency exchange has recovered most of the funds stolen by hackers in September this year. This announcement was made by the CEO of the platform Johnny Liu.

“At the moment, 84% of assets have been recovered through tracking transactions on the blockchain, updating smart contracts and legal foreclosure,” Johnny Liu wrote.

KuCoin recovered stolen crypto

According to Liu, the details of the process will be disclosed after the end of the investigation. KuCoin has resumed the full service of 176 tokens and all others are scheduled to be re-opened before November 22. The CEO of the exchange thanked everyone who supported the platform during the incident.

Recall that on September 26, KuCoin announced the unauthorized withdrawal of bitcoin, ERC-20 tokens, and other assets from the exchange’s hot wallets. Analysts estimated the damage from the hacking at $ 280 million.

In early October, Johnny Liu said the platform had identified the hacker responsible for the security breach and have secured an additional $64 million in their addresses.

Binance recovers over $344000 from Wine Swap exit scam

The Binance security team helped recover virtually all funds stolen from users as a result of the recent exit scam from the creators of the Wine Swap Automated Market Maker (AMM).

The Wine Swap platform was launched on Binance Smart Chain (BSC) on October 13. Just an hour after the start of work, the creators of the project performed an exit scam, appropriating the cryptocurrencies invested by users worth about $345,000.

The next day, October 14, the attacker himself was identified, and soon after that, he was contacted. According to representatives of the exchange, realizing that they were caught on the hot and in order to avoid unwanted consequences, the creators of Wine Swap agreed to cooperate.

From that moment, the process of returning the stolen funds began – the attacker sent them directly to the exchange so that it could distribute them among the victims.

Think we missed something? Let us know in the comment section below.

    Share Your Opinion, Write a Comment