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KuCoin Has Returned Stolen Funds And Looks To The Future

04 February 2021 15:00, UTC
KuCoin Has Returned Stolen Funds And Looks To The Future
By Anna Martynova

The KuCoin exchange announced that it successfully returned all stolen funds as a result of the exchange hack in September 2020. The CEO of the company assured that none of the clients suffered any financial losses after this event.

As previously reported, a group of unknown hackers used hot wallets owned by the KuCoin exchange. Initial estimates suggested that the stolen amount was about $150 mln, further data showed that the real figure actually exceeded $280 mln. After contacting law enforcement, the company made fairly rapid progress, identifying the perpetrators and recovering 84% of the funds in less than two months.

The exchange now ensures that no user experiences any further loss as it has significantly improved security measures. In addition, KuCoin has added several new blockchain projects to the list of partners, thus increasing the total to over 200. The platform has also increased the number of available fiat currencies by 39 and now supports 53 national currencies. Future plans include the integration of payment instruments and gateways such as BTC direct and Mobilium.

Image: KuCoin



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