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KuCoin Recovered 84% Hacked Crypto Assets: Johnny Lyu

KuCoin one of the most advanced and popular cryptocurrency exchanges claims to have recovered 84% of the lost cryptos in an approx. $285M hack.

In a recent update, the CEO & Co-founder at KuCoin Global announced that the exchange has managed to recover 84% of the total hacked cryptocurrencies via “on-chain tracking, contract upgrade” like wallet security for major cryptos like BTC, ETH, and ERC-20-based tokens like USDT along with “judicial recovery.”

The executive of the decentralized exchange while posting on social medial twitter mentioned further details on the entire framework would be disclosed “once the case is closed” and did not reveal the full hacked amount so far.  

At present, there are 176 cryptocurrencies got fully resumed out of 230 total tradable assets on the platform.

Reportedly, the Singapore-based cryptocurrency exchange KuCoin hacked in late Sep by around $150million. Lyu, in a Livestream on September 26, while referring internal security audit report reasoned about the platform breach and said that the private key of KuCoin hot wallets leaked by the intruder. 

However, the executive of crypto analytics firm Chainalysis later mentioned that around $275 million worth of cryptocurrencies lost in the security breach. This large amount has made KuCoin one of the major hacks that happened in the past. Though, these claims are yet to be confirmed by the CEO Lyu.

Despite the last crypto hacking incidence, the decentralized exchange is upkeeping itself with new tech trends in an ongoing journey and seems poised while offering lucrative giveaways to the crypto traders. In a recent giveaway to celebrate the new trading simulator 2.0 service, the platform seems to offer $300 USDT together with @NwcPublic.