KuCoin CEO Johnny Lyu Claims the $200 Million Crypto Hacker Has Been Identified

October 4, 2020 2:04 PM UTC

The cryptocurrency exchange KuCoin announced that it identified the culprits of an extensive crypto hack. On September 26, hackers were able to gain access to the exchange’s private key and drained almost $200 million worth of crypto assets.

Johnny Lyu, CEO of KuCoin, tweeted on Oct. 3 that the exchange now has ample evidence that recognizes who hacked the platform. Johnny said, “After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.”

On October 1, Johnny added that the exchange is successfully able to recover another $64 million worth of stolen cryptos with the assistance of its partners. This brings the all-out estimation of recuperated assets close to $200 million.

KuCoin Reopened Deposit and Withdrawals for 31 tokens

As $200 million KuCoin hack news hit the crypto market, several centralized crypto exchanges have taken precautionary measures to protect stolen crypto assets from withdrawing. A report shows that over $130 million funds have been frozen. 

However, Whale Alert spokesperson briefs that the hacker uses decentralized exchange platforms, Uniswap and Kyber, to convert almost $4.2 million to ETH. The tracking firm claims that its experts have identified at least three ETH wallets holding hacked assets. “I don’t think they realize how visible their tracks are,” a spokesperson at Whale Alert said.

Lyu said KuCoin is gradually reaching full functionality. Currently, the exchange offered deposits and withdrawals support for almost 31 tokens. However, services for BTC, ETH, and USDT are still not available.

Follow us on
Daily updates

    Leave a Reply

    Your email address will not be published.

    19 − 11 =