Kucoin Recovers 84% of the Hacked Funds Worth of $230M

[JesusFries 1958]

Kucoin, a well-known third-party exchange that allows users to buy and sell hundreds of cryptocurrencies.  The platform is often regarded as one of the cheapest exchanges in the industry, not least because they offer super low trading fees.

 

The exchange was hacked in September and lost more than $280M in assets to hackers have recovered almost 84% back of that capital totalizing in $236M.

This recovery was announced on the CEO's twitter account Johnny Lyu on Nov. 11, 2020. His tweets states that the funds are recovered and just need to be returned to the platform and the law enforcement forces are working on that and soon more developments will be released officially in the firm channels to announce what have been done during the time the company and law team were working to recover the stolen funds.

 

The hacking resulted and led access to the company's funds where they exploited and leaked its private key. The platform have been saying that they know who did the hacking and was working to catch the person/s involved to get back what they have stolen from the exchange.

 

This incident is always there for a long time and these companies reveal major incidents/issues when they don't have choice. In the past MT.GOX was the first to shut down due to hacking where the company lost a lot of money to the criminals. Binance, the biggest exchange in terms of volume transactions have been hacked and lost 700 bitcoins to criminals as well. Recently, Bitfinex and UPbit also lost large quantities of assets to hackers and Bitfinex even opened a reward contest trying to get back some of the stolen funds.

This field is associated with risks and problems involving things like this. Exachange platforms like Kucoin needs to upgrade their security system to combat against this hackers who are learning more tricks to pass the barriers and steal platform and individuals funds.

Edited November 12, 2020 by JesusFries
Typographical error

[wassim19 645]

The kucoin platform is considered one of the old and reliable platforms, but the hacking process has greatly affected the platform, and it is good to retrieve the stolen money to the platform, restore its soul, and arrest the thieves.

[Syedbesharat 5423]

The hacking is damaging Crypto top exchanges who have good name and huge audience. This will give fear to users and crypto progress will slow down. They have to tighten the security and hire strong team to prevent those kind of event. They have thankfully recovered the funds but this take months and the people who lost their assets were in very situation. The crypto need government support. 

[Edwinvicky 819]

Hacking has negative impact on cryptos as newbies will be scared away and also many already in cryptos will be afraid in their trading exchange. I believe hacking a crypto exchange are mostly insider job, like disagreement or greed between the project team.

[Syedbesharat 5423]

3 minutes ago, sarahyes said:

@SyedbesharatAll fears related to cryptocurrencies are of safety in particular ... the majority of countries that do not recognize the digital currency ... all their fears are from security ... in addition to the heightened risk

If crypto isn't safe then any person would not invest in crypto the block hain is secure but the exchanges need strong security also because those online wallet or hot wallets have great amount of crypto currency. Many users don't save assets in cold storage because of trading or transactions. Countries need control with crypto technology where they have total centralised system for own goodness. 

[1qDan 478]

This is great news, both for the exchange since it shows that it assumes responsibility for the losses generated to users, and for its clients who trusted the exchange's security, now everything depends on how they will reimburse those funds.

[Mubiflow 1771]

On 11/12/2020 at 5:47 PM, Syedbesharat said:

If crypto isn't safe then any person would not invest in crypto the block hain is secure but the exchanges need strong security also because those online wallet or hot wallets have great amount of crypto currency. Many users don't save assets in cold storage because of trading or transactions. Countries need control with crypto technology where they have total centralised system for own goodness. 

I think the app or that blochain is the department for scammers and I think its because of the country that have this wallet is being controlled from. I urged people to stops using things like this. Thank for the information

[Maaz sultan 265]

There are so many incandesces happens of hacking of crypto exchanges but the recovery needs some time and some time hacking will crack the base of the exchange there fore many exchanges will stop making business with crypto .

[Flying11Horse 45]

19 hours ago, Maaz sultan said:

There are so many incandesces happens of hacking of crypto exchanges but the recovery needs some time and some time hacking will crack the base of the exchange there fore many exchanges will stop making business with crypto .

Ya @Maaz sultan hacking is the worst thing that a website or anything experience.It is very irritating not for the website but for the members of that website as well.My opinion is that the security firewall of the website should be made more stronger through using a good paid software.I think this is the only way of protection from the hackers.  

[JesusFries 1958]

On 11/12/2020 at 10:35 PM, wassim19 said:

The kucoin platform is considered one of the old and reliable platforms, but the hacking process has greatly affected the platform, and it is good to retrieve the stolen money to the platform, restore its soul, and arrest the thieves.

Indeed, Kucoin is one of the pioneers in this field and it is devastating that they've been targeted by these hackers. This is really great news for the team under Kucoin and it really took a lot of time before they were able to retrieve the lost/hacked funds in the platform. 

On 11/13/2020 at 12:36 AM, Syedbesharat said:

The hacking is damaging Crypto top exchanges who have good name and huge audience. This will give fear to users and crypto progress will slow down. They have to tighten the security and hire strong team to prevent those kind of event. They have thankfully recovered the funds but this take months and the people who lost their assets were in very situation. The crypto need government support. 

Definitely! This hacking almost led the downfall of Kucoin but luckily they weren't. Also, the team are doing their best to improve/enhance the security of the platform. In addition to that, the team also recommends that their users should update their wallet addresses first before depositing coins in their accounts to avoid further problems. 

[Oxygen99 1930]

Hackers almost lead to the downfall of this kucoin but it feels good to have the funds back. Kucoin is among the top exchangers I have ever trusted in cryptoworld and i hope the improve the security system of there site since hackers have now show them some proof.

[Projectcrypto 4382]

This is a good news for the exchanger as well as the users whose funds were stolen by the hackers and by this situation the site will now look forward to make the site more stronger in terms of security to maintain the reputation which the site have earned from the users and we should also be careful on the ways we run our activities around the crypto community because no one will compensate us if we lose to scammers or hackers.

[mzk7736 1592]

This is a great milestone as this exchange have been able to recover hacked money. This will provide a sense of security to other crypto users as well as they will know that exchanges can recover hacked money and give it back to users as well.

[magd 5231]

This platform is not completely protected. In fact, this news is not new, but it is very important for everyone to remember it in order to know the importance of choosing the right platform at work

[Captin 0]

The science of information security is developing day by day, and so is hacking, and it is imperative to work permanently to strengthen the security system for each platform .. For the reasons you mentioned above, I prefer to use yobit even if its fees are slightly higher, but I prefer to protect my money over the lower fees

[JesusFries 1958]

On 11/16/2020 at 6:57 PM, Projectcrypto said:

This is a good news for the exchanger as well as the users whose funds were stolen by the hackers and by this situation the site will now look forward to make the site more stronger in terms of security to maintain the reputation which the site have earned from the users and we should also be careful on the ways we run our activities around the crypto community because no one will compensate us if we lose to scammers or hackers.

Indeed, this recovery will really help the damages brought by the hacking in the exchange platform. As what I've read in the latest updates regarding Kucoin, the team is now doing their best to strengthen the security of the platform so that the exchange itself and its users will be safe from these hackers. We should be aware and vigilant whenever we are doing transactions in this field. 

[Raqeebzy 6456]

A great recovery for the exchange but its reputation is also stained forever - the exchange almost shut down. They are one of the earliest exchange and seeing the security get promised doesn't speak well for the others. They will need to strengthen the security more and prevent this occurrence in the future. 

And maybe we can see another reason to avoid keeping crypto on exchange like wallets.

[Projectcrypto 4382]

On 11/17/2020 at 5:09 PM, JesusFries said:

We should be aware and vigilant whenever we are doing transactions in this field. 

You are right on this issue mate because both hackers and the scammers have lot of ways they use to cheat people in this world of Cryptocurrency and that is why i suggest we seek good knowledge and experience about Cryptocurrency so as to reduce the risk of falling victims of this so called hackers and scammers because they are just like threat to cryptoworld and I hope we find standard solution to stop them completely in the future.

[Mella 3680]

It is good for the kucoin exchange to make it back with the stole crypto but I am very interested to know how they did that and took all the money back. It is not that hackers will send back but there can be something that happen perhaps, or was it that some tokens like tether could block accounts and then mint more tether and send to the exchange.

[Crypto Master 541]

Yes their are many cases that many exchanges an wallet has been hacked and hacker stole thousand of coin and their is not any proof how did it .

[Kafon 0]

Piracy is a nightmare for anyone investing their money in digital currencies and solutions must be found to stop the pirates at their borders, to bring new investments in these markets. The first goal of the investor is safety, then profit.

[zhoutong 2188]

I had a few cryptocurrencies on Kucoin and they were always there, never touched and available for withdrawal. I didn't move but I don't think that this hack was real either, never mind that I don't know how they managed to recover hacked funds. It is strange and I haven't seen something like that ever. A hack doesn't recover any funds usually.

[Adam adam 276]

Digital currencies, on top of which the Bitcoin currency, has achieved many achievements and gave profits that no analyst could imagine on social media, but it still has one flaw, which is the hack that we hear every time on a trading platform and I hope that the pirates will be stopped and a protection system is found that is not affected by anything.

[TimopheyKa 3900]

Hacking for the exchange, this is an extremely deplorable situation. And I really hope that they will solve this situation, and soon everything will be solved, they will find the scammers! Because I used this platform myself , and it seemed to me quite good, and now I hope for the best!

[bogdanoff 3173]

I don't know how they did that but from the first moment this was looking dangerous hack as it had some tokens involved that were able to freeze like USDT and there were some indications that there could be someone from the inside but nothing was proven.