Head of KuCoin on the hack: “We found the suspects”
7. October 2020
KuCoin CEO Johnny Lyu said the exchange identified suspects in the hack.
The authorities are now involved
Another batch of tokens valued at $ 64 million has been recovered from suspicious addresses, bringing the total amount recovered to $ 204 million so far.
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KuCoin founder Johnny Lyu claims that the suspects in the security breach have been identified “with substantial evidence”, linking them to the September hack.
On his Twitter account on October 3, Lyu said authorities were now officially involved in the case.
Bitcoin Rush also revealed that a new set of digital assets worth $ 64 million is no longer under the control of hackers, which he says brings the total value of recovered assets to $ 204 million. .
A quick update from my last livestream on September 30th.
After further investigation, we found the suspects in Security Incident 9.26 #KuCoin with substantial evidence at hand. Law enforcement officials and the police are officially involved in the action.
New developments after the KuCoin hack
In his Twitter feed, Lyu further revealed that the exchange was returning to full functionality after the security incident. According to him, 31 tokens have resumed normal deposit and withdrawal services, major high cap coins such as BTC, ETH and USDT are expected to be used soon.
Shortly after the hack was detected, all trading , withdrawal, and deposit services on KuCoin were shut down as the exchange worked to thwart the hackers. BeinCrypto reported on September 28 that the hacking strategy involved compromising the platform’s active wallets containing large amounts of generally small-cap ERC-20 tokens, such as Synthetix and OCEAN.
Deposit and withdrawal services for 10 projects have now resumed at https://KuCoin.com with a growing number lining up to follow.
Immediately after the hack, unprecedented cross – platform joint action ensured that hackers did not get off so easily. BeinCrypto previously reported that $ 35 million USDT was frozen in suspicious ETH, OMNI, TRON, and EOS wallets. At the time, the hack was believed to have compromised around $ 150 million in tokens.
New information from Lyu, however, indicates that the total value of tokens stolen by hackers far exceeds this figure. The extent of law enforcement involvement remains unknown, as Lyu provided few details. However, the regulatory stance on cryptocurrency in Singapore, where the exchange is registered, is one of the friendliest in Asia.