Kucoin Recovers All Stolen Funds From 2020’s $285 Million Hack
As the first few weeks of 2021 have concluded, various firms in the crypto world have provided their communities with recaps of the previous year and have given briefs on what to expect moving forward. Few of these were as anticipated as that of KuCoin, the popular cryptocurrency exchange which suffered a security breach in September 2020. The breach was no small one, as over $285 million was stolen from the exchange. Now, in an open letter to the community, Johnny Lyu, the CEO of KuCoin, has finally addressed the issue as well as what steps the exchange is taking. The Root of the Matter Lyu, in the letter, noted that crypto exchanges are always wary about their security protocols, calling them the ‘sword of Damocles’ that hangs over exchanges. He clarified that once the management became aware of the security breach, they took measures to protect both their partners and their customers. Deposits and withdrawals were resumed a week after the incident before all features were then restored. Furthermore, a majority of the funds that were stolen have been recovered. KuCoin‘s cooperation with other crypto exchanges led to the recovery of 78% of the missing funds and assistance from law enforcement also