KuCoin Restores Withdrawal and Deposit Following the Hack Attack Last Month

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Crypto exchange, KuCoin, announced this last October 7 that it had completed the wallet security upgrade for the most prominent cryptocurrencies today, Bitcoin (BTC), Tether (USDT), and Ether (ETH). After the said upgrade, KuCoin also clarified that it will now be restoring withdrawal and deposit services for the aforementioned digital assets following the major hack it suffered just last month.

As per the other assets initially available on the platform, such as USDTs on other blockchains (Tron, EOS, and Omni), KuCoin explains that they would not be available yet as it is still in the process of fully restoring the compromised services. Kucoin reassured everyone that all token withdrawal and deposit services from before would all return soon as well.

KuCoin has also noted that BTC, USDT, and ETH have all generated brand new deposit addresses. That being said, the firm strongly recommends its users to update their current deposit addresses despite the old ones still being available.

The September hack on KuCoin

It was back on September 26, a devastating hack targeted KuCoin. According to the reports, hackers were able to get a hold of a leaked private key in which they used to open up the platform’s wallets – managing to walk away with over $280 million worth of digital assets.

Thankfully, various crypto projects were then quick to react. They promised to do whatever they can to freeze the majority of the siphoned assets. With all that being said, the hackers were still seemingly able to move the stolen cryptos, albeit, slowly. Reports claim that the hackers managed to sell around $13 million worth of assets by the end of last month.

This October 3, Johnny Lyu, the CEO of KuCoin, announced that its executives have managed to track down the suspects behind the hack. According to Lyu, they have overwhelming pieces of evidence that can incriminate said suspects.

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