They’ve already gotten the police involved.
As the fallout from the hack on its platform continues, KuCoin said it has identified suspects and have now officially involved law enforcement in the investigation.
KuCoin CEO Johnny Lyu tweeted on Oct. 3 that the exchange now has substantial proof that identifies who hacked the service on Sept. 26.
A quick update since my last livestream on Sep 30.
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.
— lyu_johnny (@lyu_johnny) October 3, 2020
Lyu added that as of Oct. 1, KuCoin has managed to wrestle another $64 million in assets from suspicious addresses with the help of its partners in the industry. This brings the total value of recovered assets to $204 million.
The exchange is also slowly coming back to full functionality, said Lyu, and has reopened deposit and withdrawals for 31 tokens. Services for BTC, ETH, and USDT will follow.
The KuCoin hack is the first major case of a decentralized exchange being used to launder funds. It’s estimated that around $200 million in assets were stolen, but analysts fear more tokens could’ve been comprised.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.