KuCoin One Step Closer to Operation Normalcy With Deposits And Withdrawals Availability After Hack

By Warren Hayes | November 24, 2020

Following a severe cyber attack took place in September 2020, crypto exchange KuCoin is reportedly taking steps to make everything normally functional again, starting with the return of deposits and withdrawals. 

Specifically, in the most recent bid to get operations up to speed again, following a serious cyber attack in September this year, KuCoin reportedly disclosed to the public it has “restored the deposit and withdrawal services of all tokens.” 

The initiative was carried out after a partial reopening was organized in October, where the exchange made it available again for clients to conduct transfers of BTC, ETH, and USDT off the platform. 

Now, withdrawals and deposits features are facilitated again, applicable for every coin and token, despite a few particular tokens come with withdrawal limits, because of what the exchange refers to as “ongoing judicial proceedings.”

The cyber attack reportedly resulted in $150 million in financial damage, per initial report from KuCoin, but crypto analytics heavyweight Chainalysis claimed the number is near around $275 million. 

The attack has reportedly caused a ripple effect among a wide range of entities throughout the crypto sphere, with numerous projects deciding to  freeze their tokens, reclaimed them from the hackers, or even carried out hard forks, all in efforts to assist the exchange in getting back users’ funds. 

By October 1st, KuCoin reportedly revealed it had managed to zone in on the identities of the suspected hackers, together with claiming back up to $200 million in illegally acquired funds.

Tags: , ,

Related Articles