KuCoin Co-founder Says 84% of Hacked Funds Have Been Recovered

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In Brief
  • KuCoin has managed to retrieve 84% of funds stolen in a September hack.

  • The exchange did this via on-chain tracking, contract upgrades, and judicial recovery.

  • It's co-founder thanked his staff for their 'responsibility and perseverance' since the incident.

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KuCoin, the crypto exchange that made headlines in September due to a $280 million hack, has reclaimed most of the affected assets, says its co-founder.

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On Wednesday, KuCoin co-founder Johnny Lyu tweeted that 84% of the affected assets have been recovered via methods like on-chain tracking, contract upgrade, and judicial recovery.

He also alluded to the fact that law enforcement had requested the exchange to keep some information private but that “we will publish all the details once the case is closed.”

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Lyu also stated that KuCoin had resumed the services for 176 tokens on the platform and that services for all remaining assets would start again before November 22.

He concluded by thanking all the individuals and institutions who helped KuCoin during this incident, remarking, “together, we will make a stronger crypto community.”

As previously reported by BeInCrypto, in September, attackers compromised one of KuCoin’s hot wallets and made off with millions of dollars worth of BTC, ETH, and other cryptocurrencies. A majority of KuCoin’s stolen funds in September were ERC-20 tokens worth around $147 million.

Since then, news filtered through that the exchange had found the perpetrators with “substantial proof at hand” and that police were officially involved in the case.

In addition to the Twitter thread, a leaked email from Lyu to his staff was posted on the KuCoin subreddit today. The email hits many of the same points as Lyu’s tweets, but it also commended his employees, for their “responsibility, perseverance and growth” during the critical moment.

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Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don't amount to more than a handful of BAT.

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