mido-finance.com

According to the Kucoin exchange CEO Johnny Lyu, the platform has recovered $204 million in cryptocurrencies since October 1. The exchange executive says they have found the hackers and the “police are officially involved” in order to take action.

CEO Johnny Lyu tweeted today that, “After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.”

The hack happened on September 26. KuCoin said that the hackers used a leaked private key to access the exchange’s wallets. KuCoin also says that it has enough money in the bank to cover all of the losses.

The crypto community found out that the Kucoin exchange was hacked for a great number of assets. Some estimate that 1,008 BTC was stolen, along with 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $14 million, $153 million of ether and ERC20s, and over 18 million XRP. Following the hack, Kucoin announced that it was working with law enforcement and a number of blockchain projects to remedy the situation.

After that, crypto projects worked to freeze or render useless most of the assets So many teams updated their blockchain. Lyu said that $204 million worth of cryptocurrency, or 72% of the total hack, is “out of the control of the suspicious addresses.”

KuCoin hackers sold about $13 million of the crypto on decentralized exchanges or DEXs.

Lyu said, “As a crypto team just turned 3 years old, although we never slack off on security-related issues, we couldn’t dodge the cruelest coming-of-age ceremony that every predecessor used to embrace.”

KuCoin, which paused deposits and withdrawals after the hack, is opening up. KuCoin has been supporting deposits and withdrawals for 31 tokens, though Bitcoin, Ethereum and the US dollar-pegged stablecoin, Tether (USDT), are not among them.