Hacked Exchange KuCoin Recovers $236 Million of Stolen Funds

The exchange has recovered 84% of the funds that were stolen in September and plans to be back to normal later this month.

Nov 11, 2020

2 min read

Crypto exchange KuCoin has recovered 84% of the $281 million that was hacked from the exchange in September. This amounts to $236 million.

KuCoin CEO Johnny Lyu tweeted today, "So far, 84% of the affected assets have been recovered via approaches like on-chain tracking, contract upgrade and judicial recovery. As asked by the law enforcements, we will publish all the details once the case is closed."

(1/3) Latest updates about #KuCoin Security Incident: So far, 84% of the affected assets have been recovered via approaches like on-chain tracking, contract upgrade and judicial recovery. As asked by the law enforcements, we will publish all the details once the case is closed.

— lyu_johnny (@lyu_johnny) November 11, 2020

"KuCoin has resumed the full service of 176 tokens and all others are scheduled to be re-opened before November 22. Again, I would like to thank all the individuals and institutions who helped us in this incident, together, we will make a stronger crypto community," he added.

The hack took place on September 26. KuCoin said that the hackers used a leaked private key to access the exchange's wallets. The exchange has stated that it has enough money in the bank to cover all of its losses.

The exchange has previously said that it knows who stole the money and is working with the police on this. At the time, it said that 72% of the money was out of the control of the suspicious addresses, although some $13 million has been swapped on decentralized exchanges and was out of its control. Now it appears to have clawed even more of the money back.

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