Cryptocurrencies

KuCoin (KCS) recovered 84% of cryptos stolen in $ 280 million hack – Cryptocurrencies

Coin cryptocurrency KuCoin KCS on the background of a stack of coins.

Hacks in the cryptosphere decreased in 2020. Thieves may have difficulty identifying or creating vulnerabilities and exploiting them. But they find it even harder to keep their ill-gotten cryptos.

Kucoin gets its hands on its Bitcoins (BTC) and other stolen cryptos; we know more about the amount of lost funds.

Return to KuCoin wallets

The CEO and co-founder of KuCoin, Johnny lyu, reported that the exchange was able to regain control of the majority of the funds lost in the hack in September 2020.

The exchange had lost $ 280 million in cryptocurrency. November 11, 2020, Lyu says the exchange has recovered 84% of the stolen assets.

He explained that the recovery process could have been carried out thanks to a tracking system on the blockchain, an update of smart contracts, and judicial recovery.

Lyu also added that KuCoin would publish more details on reimbursement procedures once the case is closed.

The hunt was good

All the services of KuCoin are again available for trading 176 tokens, out of a total of 230 assets.

For the remaining 54 tokens, services should be operational before November 22, 2020.

When the hack is announced, Lyu did not specify the exact amount of the losses: they were initially estimated at $ 150 million.

Chainalysis then put forward the figure of $ 275 million. Lyu had declared to Cointelegraph that the breach mainly targeted wallets BTC, Ether and ERC-20.

A large number of tokens ERC-20 were frozen thanks to a cooperative effort between several crypto projects and exchanges to prevent their withdrawal.

Beginning of October 2020, Lyu announced the identification of suspects with substantial evidence at hand.

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

The exchanges were united in freezing the stolen cryptos that passed through their platform, but this was done to the detriment of decentralization. A few players therefore have the power to seize the cryptos of millions of users. We can already imagine the “quality” of the tracking for the CBDCs and, the government authorities will certainly not deprive themselves of this privilege of going to rummage in the private life of the population, to know the smallest details. From KuCoin hacker hunt to CBDCs: are cryptos creating the dream world of state authorities?

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