KuCoin Resumes Crypto Withdrawal After Hack Attack

KuCoin, the Singapore-headquartered crypto exchange resumed the deposit and withdrawal services of all tokens as of Sunday.

November 23, 2020 | AtoZ Markets – Two months after being hacked, cryptocurrency exchange KuCoin has resumed the deposit and withdrawal of all assets on the platform.

KuCoin resumes crypto withdrawal and deposit

According to the announcement, due to ongoing legal procedures, daily limits have been introduced on some tokens. For the duration of the restrictions, however, KuCoin will not charge commissions for their exchange.

KuCoin also announced its intention to support the renewal of BUX Platform Token (BPT), LockTrip (LOC), ARCS (ARX) and Dock (DOCK) contracts at the request of project teams and restore their service.

As a reminder, KuCoin was able to identify the hackers responsible for the September 26 security breach. Analysts estimated the damage at $280 million.

However, the CEO of the platform Johnny Liu announced that KuCoin has recovered 84% of the stolen funds through tracking transactions on the blockchain, updating smart contracts, and legal foreclosure.

KuCoin challenges and opportunities

While KuCoin seems to be recovering, the exchange, however, is still facing several other challenges. For example, the High Court of Singapore has locked KuCoin.com, the primary web domain of cryptocurrency exchange KuCoin. Moreover, KuCoin is embroiled in a class-action lawsuit in the United States.

Despite these challenges, the exchange is thriving on other fronts. For instance, KuCoin is planning the launch of a non-fungible token (NFT) exchange. NFTs are unique, ‘collectable’ tokens that have use cases in areas that include ‘artwork and GameFi’.

Per the announcement published by KuCoin, the NFT exchange platform will be fully operational within “the next few months.”

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