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HomeCrypto NewsExchangesKuCoin Exchange Reactivates Deposits And Withdrawals For All Tokens

KuCoin Exchange Reactivates Deposits And Withdrawals For All Tokens

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Mark Brennan

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After the hack of over $ 200 million worth of cryptocurrency in September, KuCoin is now ready to operate normally. The exchange announces that withdrawals and deposits are operational for all tokens.

KuCoin experienced a turbulent month in September. A hack resulted in the theft of $ 200 million. According to Chainalysis. Bitcoin, Ethereum, Tether, and other ERC-20 tokens disappeared from the exchange.

The recovery was complicated for the crypto exchange. Since October, the reopening has remained partial. But KuCoin can operate normally again. In a blog post, the company specifies that deposit and withdrawal services are operational for all tokens.

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Restricted daily withdrawals for specific tokens
According to Kucoin restrictions may still apply to withdrawals of certain tokens.

“Due to ongoing legal proceedings for some tokens, daily withdrawal limits will be put in place for some tokens,”

 

The cryptocurrency exchange can still consider itself happy. Thanks to the collaboration of different players in the crypto-sphere, the exchange could limit the damage and even recover a large part of the tokens taken by the hackers.

In early October, its CEO announced that they have recovered $ 64 million in assets from suspicious addresses. And then with time Kucoin was able to recover $ 204 million.

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$ 204 million in assets recovered, and KuCoin believed it had uncovered the identity of the hackers. The crypto-exchange claimed last month to hold substantial evidence concerning them.

“After a thorough investigation, we found the suspects in Security Incident 9.26 #KuCoin with substantial evidence at hand. Law enforcement and police are officially involved in taking action,”

While the record-breaking 2020 hack now appears to be a thing of the past, the skies are not entirely cloudless for the company. But the exchange faces legal wrangling in both the United States and Singapore.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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