Months after suffering one of the worst hacks in crypto history, the popular KuCoin platform announced that it has successfully recovered all the stolen funds.

The CEO of the company assured that all users were not affected by the incident and did not suffer any financial loss.

KuCoin recovers stolen funds:

Just as we reported on Bitcoin Arabs earlier in September 2020, a group of unknown attackers exploited KuCoin’s hot wallets.

While initial estimates suggested that the amount stolen was around $150 million, other data revealed that the real figure was in fact over $280 million.

It is estimated that the “KuCoin” hack is the third largest hack in the crypto market to date.

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After contacting legal agencies and bodies, KuCoin made fairly rapid progress by identifying the culprits and recovering 84% of the stolen funds in less than two months.

Share “KuCoin CEO Johnny Liu” provided more positive news in an open letter, in which the CEO confirmed that the platform was able to recover all the funds in batches, and based on what was stated in the letter, the following:

Thanks to the efforts of all parties in the industry, and through cooperation with partners, whether trading platforms or crypto projects, we were able to recover $ 222 million (78% of the total amount stolen), and through further cooperation with legal and security institutions, we succeeded in recovering 17.45 Another $1 million (6%).

The remaining amount was covered by the KuCoin platform and the insurance fund, estimated at $45.55 million (16%).

a message from #KuCoin CEO: 2020, 2021 and beyond#KuCoinCEOLetter

– KUCOIN (@kucoincom) February 3, 2021

Thus, KuCoin has ensured that no user suffers any loss.

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In addition, KuCoin has upgraded its security measures to prevent similar attacks in the future, according to its CEO.

KuCoin and looking forward:

Apart from describing the events related to the hack and the successful recovery of funds, the open letter highlighted some of the company’s milestones and plans for the next few years.

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KuCoin has added several new blockchain projects to its list of partners, thus increasing the total number to more than 200 projects.

The platform also added the available fiat currencies to now support 53 national currencies.

In this regard, Liu explained:

In 2020, our margin trading volume increased by 217% year-over-year and supported 33 cryptocurrencies and 54 trading pairs.

Since the beginning of the year, KuCoin Futures has achieved an astonishingly rapid 420% increase in trading volume and a remarkable 670% growth in user numbers.

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