Hacked Crypto Exchange KuCoin Resumes Deposit, Withdrawal Services for All Tokens

The digital asset exchange that was hacked to the tune of $281 million in September said it has restored the deposit and withdrawal services of all tokens.

Nov 22, 2020 at 2:48 p.m. UTC
Updated Sep 14, 2021 at 10:33 a.m. UTC

KuCoin, the Singapore-headquartered digital asset exchange that was hacked to the tune of $281 million in September, said it has restored the deposit and withdrawal services of all tokens as of Sunday.

  • Due to ongoing judicial proceedings for some tokens, daily withdrawal limits will be put in place for a few tokens, the exchange said. Those limits will be removed after the judicial process has been completed, KuCoin said. In the meantime, those tokens with daily limits will have zero trading fees, the exchange said.
  • You can view a continually updated list to determine which cryptocurrencies have restricted functionality. 

KuCoin’s $281 million security breach is among the largest in cryptocurrency history. One or more hackers obtained the private keys to the centralized exchange’s hot wallets, gaining control over vast quantities of bitcoin, ether, tron, XRP, stellar and various ERC-20 tokens, among others. KuCoin immediately moved to freeze all wallets and disable services. 

  • At the time, exchange CEO Johnny Lyu said any stolen customer funds would be “covered completely” by an insurance fund.
  • KuCoin is one of the most active cryptocurrency exchanges, with daily average volumes of over $100 million, according to the cryptocurrency data site CoinGecko.

As of Oct. 7, the exchange has recovered some $204 million of the stolen crypto, and has made headway into identifying a suspect.

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