The KuCoin crypto exchange said that in the near future it will fully compensate the losses to users affected by the hacking on September 26. KuCoin uses funds from the insurance fund, which it created in 2018 to protect traders’ funds.
According to KuCoin, hackers stole about $200 million from the exchange’s hot wallets. Basically, the attackers withdrew BTC, ETH and tokens of the ERC-20 standard. After the hack, the exchange stopped using compromised wallets. KuCoin notes that funds on cold wallets are safe.
Due to a hacker attack, the crypto exchange suspended deposit replenishment and withdrawal of funds. For some tokens, these functions have already been restored, for others, the opportunity to replenish the account and withdraw money will appear in the near future. Trading on the stock exchange is still available.
KuCoin is investigating the hack together with cybersecurity experts, crypto exchanges, blockchain projects and law enforcement agencies. According to Johnny Liu, CEO of the crypto exchange, KuCoin cooperates with Huobi, Binance, OKEx, BitMax, Bybit and other major crypto exchanges to track stolen assets.
“We have already managed to withdraw ten coins with a total value of $140 million from the control of suspicious addresses. Some of these funds have been frozen, and some have been returned to users. In the future, we will strengthen the KuCoin security system with the help of leading companies in the field of cybersecurity,” commented KuCoin.
After the hacker attack, KuCoin launched the “Protection Program” project. Its purpose is to inform clients and partners of the crypto exchange about the investigation of hacking in real time. On the project page, users can consult with crypto exchange specialists and get technical support.
You can also follow the news about the hacking investigation on the KuCoin website.
The crypto exchange regularly updates the information.
Recall that in mid-September, KuCoin entered into a strategic partnership with the Poloniex crypto exchange for joint research and development of the bitcoin industry.