KuCoin has revealed it has recovered $236 million of the $280 million that was stolen from the exchange in late September. Hackers infiltrated KuCoin’s hot wallet and stole over $250 million from over 100 cryptocurrencies including Ether, Bitcoin, Litecoin, Stellar, and ERC20 tokens from the Singapore-based exchange.
KuCoins CEO Johnny Lyu tweeted on Wednesday that the platform had recovered 84% of the company’s assets through “approaches like on-chain tracking, contract upgrade and judicial recovery.” Full details will be made public only once the case is concluded at the directive of the law enforcement agents dealing with the case.
Normal service resuming
KuCoin moved swiftly to improve its security system following the hack and launched a strategic update for its hot wallets.
KuCoin also assured victims of the hack that all losses will be covered by the company’s insurance. The company has also announced a bounty in exchange for valid information regarding the incident, stating: “KuCoin is investigating the incident with international law enforcement, and we will offer rewards of up to $100,000 to those who can provide valid information to us regarding this incident. Please contact email@example.com.”
The incident will ultimately result in a “stronger crypto community” Lyu said before adding that “many people and institutions” helped the platform to overcome the incident and restore the bulk of the funds and thanked all those who had assisted.
Binance was one of the platforms that reached out to help KuCoin. with CEO Changpeng Zhao pledging support for the cause:
The third largest heist in history
The hack and subsequent theft from KuCoin was the third largest theft in cryptocurrency history following the $532 million stolen from Coincheck in January 2018 and the $470 million stolen from Mt. Gox in February 2014, although at the time the value of Bitcoin was $1,000. Bitcoin is now valued at $15,850 and at today’s price the Gox haul would stand at close to $13 billion.