KuCoin has confirmed that it has been able to recover around 84% of the stolen funds on its platform.
Giving the update via microblogging platform Twitter, the firm’s CEO, Johnny Lyu, said that the technical departments had achieved that much success. Clients and Investors on KuCoin were on their toes after the crypto exchange took to Twitter to announced that it had been hacked in September.
Furthermore, the CEO has promised its users that activities would soon return to normal by the end of the month after law enforcements round up their investigations.
KuCoin recovery rate one of the fastest in history
The crypto exchange was reported to have lost nothing less than $275 million worth of digital assets to hackers after the platform was hacked on September 26. After a week of the dastardly act, the CEO, Johnny Lyu, allayed clients and investor’s fears after he announced that they had already identified the perpetrators of the act. In his statement, Lyu noted that they used features known as on-chain tracking, contract upgrade, and judicial recovery to recover most of the funds.
When the hack first took place, KuCoin placed the stolen tokens around $150 million. Later, Chainalysis, a blockchain firm that tracks transactions, increased the loss to somewhere around $275 million. After the Chainalysis announcement, KuCoin acted on time to salvage around $200 million in a matter of days.
Presently, KuCoin has allowed its customers to trade about 176 trading pairs with a full resumption of activities on the platform scheduled to commence on November 22.
Investors disagree with the CEO assessment of the hack
Since the issue, most traders and investors have called out the exchange on how they handled the hack. Analysts and experts alike claimed that the firm didn’t transparently address the incident, as suggested by the CEO. Another user claimed that the theft was a smokescreen for something bigger.
In contrast, one claimed that the crypto exchange was responsible for the hack because of its nonchalant attitude towards security related issues on the platform.
With the accusations that have trailed the crypto exchange after the theft took place, it is not yet clear if most users will still want to remain on the platform when activities finally begin. Even if the crypto exchange isn’t able to retrieve any more funds, this level of success puts it firmly in place as one of the few exchanges that recovered their stolen assets.
The partnership between KuCoin and Chainalysis proved to be the best move for the exchange as it was their combined efforts that made the recovery of the assets possible. Exchanges have been advised by law enforcement agents worldwide to increase the security on their platforms to avoid events like this.