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Kucoin Recovers 84% of Funds Stolen in $280 Million Hack

Kucoin chief executive officer Johnny Lyu revealed Wednesday that the exchange recovered 84%, or $235 million, of the $280 million stolen in one of crypto industry’s biggest hacks in September.

In a tweet, Lyu said the affected funds have been recovered “via approaches like on-chain tracking, contract upgrade and judicial recovery. As asked by the law enforcements, we will publish all the details once the case is closed.”

The Kucoin co-founder stated that the exchange has resumed trading for 176 tokens and the rest will be re-opened before November 22.

Hackers made off with $30 million worth of bitcoin (BTC) when they ransacked the exchange on Sept. 25. They also plundered $147 million worth of multiple ERC-20 tokens as well as $87 million in stellar tokens.

It wasn’t long before Bitfinex froze $13 million USDT on EOS as part of the hack and Tether froze $20 million USDT sitting in the hacker’s ethereum address. Within days, $160 million had been recovered through various strategies from multiple platforms.

However, by the end of September, the cyber-thieves had managed to cash out tokens worth nearly $13 million, which were laundered via decentralized protocols. Seven days ago, the hackers became active again, using mixers to move ERC-20 tokens to another ethereum address.

What do you think about the Kucoin funds recovery? Let us know in the comments section below.

The post Kucoin Recovers 84% of Funds Stolen in $280 Million Hack appeared first on Bitcoin News.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin9,534.2 0.50 % 0.59 % 9.19 %
Ethereum209.48 0.02 % 1.87 % 10.66 %
Tether0.9992 0.00 % 0.17 % 0.04 %
XRP0.1612 0.13 % 2.59 % 8.51 %
Bitcoin Cash273.66 2.27 % 2.95 % 5.82 %
Bitcoin SV157.24 0.16 % 0.16 % 11.60 %
Litecoin53.49 0.08 % 7.98 % 7.03 %
Binance Coin21.90 0.27 % 5.95 % 4.88 %
Cardano0.1668 8.51 % 21.41 % 41.79 %
EOS2.510 0.27 % 2.37 % 8.24 %