KuCoin Restarts Deposits, Withdrawals for Bitcoin, Ether Subsequent $281M Hack

Edna B. Shearer

Cryptocurrency exchange KuCoin is bringing far more expert services again on the web following struggling a key hack late previous month.

  • In a company update early on Wednesday, the Seychelles-primarily based platform said it is after extra permitting deposits and withdrawals for bitcoin (BTC), ether (ETH) and the tether (USDT) stablecoin following upgrading wallet stability for these cryptocurrencies.
  • KuCoin mentioned that wallet addresses for these cash had been refreshed and, although the older addresses would however function, it proposed customers update.
  • The USDT edition for the Ethereum blockchain is now open for deposits and withdrawals, when those for Tron, EOS are deposit only. Tether on Omni cannot however be deposited or withdrawn.
  • Entire providers have been resumed for 65 other cryptocurrency initiatives, it additional.
  • Following the breach, which saw $281 million in different crypto property this sort of as XRP and Ethereum-dependent coins stolen, KuCoin experienced moved to freeze all wallets and disable products and services.
  • On Oct. 3, the company’s CEO, Johnny Lyu, claimed the suspected hackers had been traced and that it experienced knowledgeable regulation enforcement organizations.
  • Lyu more claimed that an additional $64 million of stolen cryptos experienced been recovered, bringing the whole worth of recovered belongings to $204 million at the time.
  • In its newest update on the incident, also posted Wednesday, the exchange claimed other entities are continuing to aid retrieve cash, with Tether possessing frozen “about $22 million” in stolen USDT.
  • Other tasks like Ocean Protocol have returned recovered coins to KuCoin wallets, however the amount involved wasn’t disclosed.
  • KuCoin also supplied a record of suspicious addresses related to the hack and suggested they be included to blacklists.
  • Blockchain analytics company Elliptic claimed Sept. 29 the hackers experienced now exchanged hundreds of thousands of stolen tokens for $7.5 million in ETH on the decentralized exchanges Kyber Community and Uniswap.

Also go through: Israeli Govt Reportedly Investigating Unsuccessful Hack Targeting Crypto CEOs

Edit (13:35 UTC, Oct. 7 2020): Corrected jurisdiction in which KuCoin is based. Corrected specifics of distinct availability for variations of tether (14:30 UTC)

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