Bitcoin Deposits and Withdrawals Resumed as KuCoin Makes Steps to Full Recovery

Major cryptocurrency exchange KuCoin has resumed deposits and withdrawals of some cryptocurrencies after the platform recently suffered a substantial hack.

BTC, ETH, and USDT Withdrawal and Deposit Services Now Available

According to an official announcement on October 7, KuCoin revealed that it reopened deposit and withdrawal functions for crypto tokens Bitcoin (BTC), Ether (ETH), and ERC20-USDT. This comes after the platform conducted a wallet security upgrade for the aforementioned tokens.

As part of efforts to ensure the safety of customers’ funds, KuCoin generated new deposit addresses for BTC, ETH, and USDT. Although old addresses were still functioning, the platform advises users to make necessary updates. Meanwhile, EOS and TRON (TRC) will only be available for deposits.

The platform also revealed in another update that full services have restarted for over 60 crypto projects. Furthermore, KuCoin is working with its partners to fix the September incident. Projects like Tether and Covesting froze $22 million worth of USDT and $600k in COV respectively stolen from the platform.

Furthermore, Ampleforth reportedly disabled the transfer of $10.89 million worth of AMPL tokens, while Ocean Protocol recovered some undisclosed tokens to the KuCoin wallet. KuCoin’s update also listed 10 different suspicious addresses that the platform asked to be blacklisted.

KuCoin’s Hack Possibly the Largest in 2020

As reported by CryptoPotato in late September, hackers exploited KuCoin’s hot wallets and stole $150 million worth of cryptocurrencies from the platform. While the company pledged to reimburse affected users, reports emerged that the amount stolen was higher than stated, putting the figure at about $280 million.

Out of the reported $280 million worth of crypto stolen from the platform, the hackers sold $17.1 million in tokens for Ether at decentralized exchanges. The perpetrators chose DEXs due to the absence of a know-your-customer (KYC) procedure.

Earlier in October, KuCoin CEO Johnny Lyu announced that the ongoing investigation found the suspects involved in the hack. Lyu added that the exchange had substantial proof, which will be used by the police and other law enforcement agencies.

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