KuCoin recovered 84% of assets after $275M hack

by in Cryptocurrency News


The KuCoin cryptocurrency exchange has recovered most of the assets stolen from the exchange hack on September 25. That was announced by Johnny Liu, co-founder and CEO of KuCoin, on Wednesday, November 11.

Analyst firm Chainalysis estimated the loss of KuCoin at $ 275 million. According to Liu, 84% of the assets were recovered "through legal, online tracking and smart contract updates."

He added that the details of the restoration process cannot be disclosed until the case is closed by law enforcement agencies. Liu said KuCoin has resumed serving 176 tokens on the platform; servicing of all remaining assets will resume until November 22.

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Most of the stolen funds were ERC-20 tokens ($ 147 million), Stellar ($ 87 million), and bitcoins ($ 30 million).

Within a few days after the hack, tokens worth more than $ 160 million were recovered either by blocking the hacker's addresses or by re-issuing tokens on a new smart contract.