Hacked crypto exchange KuCoin resumes deposits and withdrawals of all tokens Nov 23 2020
KuCoin, the Singapore based crypto exchange that was hacked on September 26th for over 280 million USD , mainly in bitcoins and Ethereum, has resumed its deposit and withdrawal services on all tokens.
Still, because of some legal proceedings, some tokens will temporarily have daily withdraw limits.Those limits will be immediately lifted after the judicial proceedings end, the exchange said in a statement.As a compensation all tokens with daily limits will have zero trading fees, the exchange also said.
The KuCoin hack is one of the most significant on record.Hackers have gained access to the private keys to the centralized exchange’s hot wallets, gaining control over vast amounts of bitcoins, Ethereum, Tron, Ripple and Stellar, among others.
KuCoin immediately ceased all services.
KuCoin’s CEO Johnny Lyu assured the public shortly after the beach that all stole customer funds will be “covered completely”, as they were properly insured.
Before the attack KuCoin had a daily average volume of trades of over 100 million USD.
As of October 7th the crypto exchange had recovered about 204 million of the missing crypto coins, after a massive support from the crypto community.Some crypto projects went even that far as to announce hard forks to help KuCoin restore the stolen tokens.A hard fork is a radical change to a network’s protocol that makes previously valid blocks and transactions invalid.
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