On Saturday (October 3), Johnny Lyu, Co-Founder and CEO of Singapore-based crypto exchange KuCoin Global, provided an interesting update on the September 26th security incident that resulted in the loss of around $280 million in cryptoassets.
Around 02:51 UTC+8 on September 26 (or 18:51 UTC on September 25) to be more specific, KuCoin, which had never been hacked before, discovered that there had been a security breach.
Lyu hosted a live stream on September 26, during which he said that some of the exchange’s cryptoassets in its hot wallets were “transferred out of the exchange” and that KuCoin had contacted other exchanges and “international law enforcement” to try to find the hackers and/or recover the stolen funds.
Although KuCoin never told us how much was stolen, Larry Cermak, Director of Research at The Block, said on September 28 that he estimated that the hackers had stolen almost $280 million worth of cryptoassets from KuCoin.
Well, yesterday, Lyu provided his first major update on this incident since his September 26th livestream, tweeting that KuCoin can prove who was behind this incident and that law enforcement are gtting ready to take action against these individuals. He also said that, so far, $201 million of the stolen cryptoassets had been recovered:
He also said that KuCoin is “coming back to fully functionality” and that “a total of 31 tokens have opened deposit & withdrawal services, and more tokens including $BTC, $ETH and $USDT will follow.”
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