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KuCoin Restarts Deposits, Withdrawals for Bitcoin, Ether Following $281M Hack

kucoin-restarts-deposits,-withdrawals-for-bitcoin,-ether-following-$281m-hack

Cryptocurrency exchange KuCoin is bringing more services back online after suffering a major hack late last month.

  • In a service update early on Wednesday, the Seychelles-based platform said it is once more allowing deposits and withdrawals for bitcoin (BTC), ether (ETH) and the tether (USDT) stablecoin after upgrading wallet security for those cryptocurrencies.
  • KuCoin noted that wallet addresses for these coins had been refreshed and, while the older addresses would still work, it recommended users update.
  • The USDT versions for Tron, EOS, Omni and the Ethereum blockchain are all now open for deposits and withdrawals.
  • Full services have been resumed for 65 other cryptocurrency projects, it added.
  • After the breach, which saw $281 million in various crypto assets such as XRP and Ethereum-based coins stolen, KuCoin had moved to freeze all wallets and disable services.
  • On Oct. 3, the company’s CEO, Johnny Lyu, claimed the suspected hackers had been traced and that it had informed law enforcement agencies.
  • Lyu further claimed that another $64 million of stolen cryptos had been recovered, bringing the total value of recovered assets to $204 million at the time.
  • In its latest update on the incident, also posted Wednesday, the exchange said other entities are continuing to help retrieve funds, with Tether having frozen “about $22 million” in stolen USDT.
  • Other projects like Ocean Protocol have returned recovered coins to KuCoin wallets, though the amount involved wasn’t disclosed.
  • KuCoin also provided a list of suspicious addresses related to the hack and recommended they be added to blacklists.
  • Blockchain analytics firm Elliptic said Sept. 29 the hackers had already exchanged millions of stolen tokens for $7.5 million in ETH on the decentralized exchanges Kyber Network and Uniswap.

Edit (13:35 UTC, Oct. 7 2020): Corrected jurisdiction in which KuCoin is based.

https://www.coindesk.com/kucoin-restarts-deposits-withdrawals-for-bitcoin-ether-following-281m-hack

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