Singapore based crypto exchange firm, KuCoin got hacked recently. Lost roughly US$ 281 Million due to the hack that occurred in September this year. The deposits and withdrawals that were suspended earlier had been resumed once again on 22nd November.
KyCoin is one of the leading and most popular cryptocurrency exchanges in Asia headquartered in Singapore. Back in September this year, a huge hack took place in the exchange in which US$ 281 Million were stolen.
Soon after the hack, the exchange had to suspend its trading operations as well as deposits and withdrawals. This led KuCoin’s customers to grow suspicious as regards the safety of their funds. In addition, KuCoin had shifted the funds from hot wallets into cold accounts. This was done to save funds lying in hot wallets and since cold wallets are offline, any theft therein was impossible. However, on Sunday the 22nd November, KuCoin had resumed its deposits and withdrawals.
It was told by an official of KuCoin that the exchange had removed suspension upon the deposits and withdrawals. Now the customers can withdraw their funds or even deposit them in their trading accounts maintained with KuCoin.
A few days back, KuCoin had also resumed its normal trading business by allowing its customers to trade in 100+ products. However, the rest of the trading products were resumed gradually and only withdrawals and deposits were kept suspended.
Meanwhile, the company had been facing several lawsuits which are pending in the US Court. In these lawsuits an allegation had been raised that KuCoin had issued Initial Coin Offerings (ICOs) without US Regulator’s permission. As per US law ICOs are treated as securities and therefore permission is mandatory before they could be offered for trade. However, KuCoin lacked the required permission therefore the case was registered against the exchange by US Regulator.
Keeping in view this, KuCoinstill has some conditions applicable upon the deposits and withdrawals of various tokens and ICOs. It was informed by KuCoin that over the time these conditions will be removed once the matter is resolved legally. However, for facilitating its customers, KuCoin had announced zero fee charge over trading of such tokens which are subject to restrictions.