KuCoin cryptocurrency exchange has reclaimed most of the money lost in a $ 280 million hack incident in September, said a senior executive.
Johnny Lyu, Co-Founder and CEO of KuCoin, announced on November 11 that the stock exchange has now recovered 84% of the stolen assets. Lyu said the recovery process included “ on-chain tracking, contract upgrade, and judicial recovery. ” He also noted that the exchange will publish more details on reimbursement once the case is closed.
According to Lyu, KuCoin has resumed full services for 176 tokens traded on its platform. He said services for the remaining coins are scheduled to reopen before November 22. As previously reported, KuCoin has in total 230 marketable assets on its platform.
In announcing the news on Twitter, Lyu did not specify the exact number of assets lost in the hacking incident. KuCoin initially estimated user losses good for $ 150 million, while crypto analytics firm Chainalysis then estimated losses at $ 275 million.
Lyu previously told Cointelegraph that the break hit hot wallets Holding Bitcoin (BTC), Ether (ETH) and ERC-20 tokens. A large number of ERC-20 tokens were stolen then frozen by major crypto projects in an effort to avoid withdrawals. In early October, Lyu announced that KuCoin executives managed to find the suspects of the hack with ‘substantial evidence on hand’.