KuCoin Claims To Have Recovered Funds Lost In Last Year’s Hack Worth $285M

One of the worst hacks in the history of crypto happened to a popular exchange, KuCoin. But the company’s Chief Executive Officer claimed that all the stolen money has been recovered. He further reiterates the fact that not any customer will suffer any financial loss due to the unfortunate event.

A group of unrecognized online hackers attacked the KuCoin Exchange’s hot wallets. At first, the sum of loss recorded was around a hundred and fifty million dollars ($150 Million), but further statistics collated from the event revealed that the actual loss was up to $280 million. This made the hack on KuCoin the third-largest hack in the history of crypto.

Reaching out to the law enforcement agencies, the progress of the recovery was made very swift as KuCoin was able to identify the perpetrators, thereby made them recover close to 85% of the stolen funds in just about two months.

Johnny Lyu, the CEO of KuCoin, shared the good news. Lyu asserted that the company was able to complete the recovery of all the stolen funds though it is in several batches.

He said that based on the effort of the various parties in the industry, the exchange in conjunctions with the project partners was able to recover 78% of the funds, amounting to $222 million then with the further cooperation of the security institutions and the law enforcement agencies, another 6% amounting to $17.45 million was recovered while the exchange and its insurance funds covered $45.55 million, the remaining 16%.

KuCoin has made sure that no user suffers from the hack, and consequently, they have upgraded the exchange’s security measures.

The Future of KuCoin

The open letter further highlights the great milestones the exchange is walking towards in the coming years.

The exchange has added some new blockchain projects to the list of its partner, which makes the number a total of 200. The trading volume in the exchange also saw massive growth and has increased by 217%, as mentioned by the CEO in his open letter. Also, the exchange currently supports up to 33 tokens and 54 trading pairs.

Remarkably, the number of users on the exchange has increased by 670%, and the KuCoin Futures has grown rapidly with a 420% gain in trading volume.

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