Hacked KuCoin Reopens BTC Withdrawals And Deposits

The hacked KuCoin exchange reopens its withdrawals and deposits options, still going on to restore services that were disabled after the hackers stole more than $280 million in crypto. In today’s cryptocurrency news sites, we can read some more on the developments.

The hacked KuCoin exchange resumed its deposit and withdrawal services for BTC, ETH, and USDT which were disabled after the recent $280 million hacks according to the latest announcements today. Before opening its services, the platform performed a “wallet security strategy upgrade” for the coins and now to protect the funds, the exchange generated new deposit addresses for BTC, USDT, and ETH:

 “Though the old addresses are still available currently, it is recommended that you update your deposit addresses in time.”

The Latest Updates about #KuCoin Security Incident:

✅ BTC, ETH, USDT deposits and withdrawals have resumed
✅ Full services have now resumed for 65 projects

We will continuously update the progress:https://t.co/dDR8RjBcif pic.twitter.com/WSSmEjDpiG

— KuCoin (@kucoincom) October 7, 2020

KuCoin was hacked on September 26, and at that time the platform stated that the hackers used a private key that was leaked to access its wallets and to steal more than $280 million worth of cryptocurrencies but the exchange said that their insurance fund will cover all the losses. Right after the hack, multiple crypto projects decided to freeze most of the stolen assets but the hackers kept moving huge parts of their gained cache in the past few weeks and even sold $13 million worth of tokens by the end of the month. The CEO of the exchange Johnny Lyu stated that the exchange identified the hackers, by adding that $204 million of crypto are out of control of the suspicious addresses. The CEO of the exchange added that the police was involved in the pursuit of the hackers, after last month’s hack where more than $150 million and $280 million in digital assets were stolen from the exchange.

About $13 million from the recent hack were laundered through decentralized exchanges but more than $9 million went to centralized exchanges. According to the reports by Chainalysis, there were about $281 million stolen from the KuCoin hack and the hackers purchased 875 BTC from centralized exchanges using stolen coins like Litecoin. Most of the funds were laundered using decentralized exchanges. While the hacker was mostly using decentralized exchanges like Uniswap, the KuCoin hacker swapped LTC for BTC on centralized exchanges, mainly the CEX crypto exchange.

A quick update since my last livestream on Sep 30.

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.

— Johnny_KuCoin (@lyu_johnny) October 3, 2020

KuCoin continues to restore slowly its deposit and withdrawals services for the remaining tokens and they expect full service of USDT to resume soon as well.