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Hacked Crypto Exchange KuCoin Resumes Deposit, Withdrawal Services for All Tokens

The digital asset exchange that was hacked to the tune of $281 million in September said it has restored the deposit and withdrawal services of all tokens.

KuCoin

KuCoin, the Singapore-headquartered digital asset exchange that was hacked to the tune of $281 million in September, said it has restored the deposit and withdrawal services of all tokens as of Sunday.

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  • Due to ongoing judicial proceedings for some tokens, daily withdrawal limits will be put in place for a few tokens, the exchange said. Those limits will be removed after the judicial process has been completed, KuCoin said. In the meantime, those tokens with daily limits will have zero trading fees, the exchange said.
  • You can view a continually updated list to determine which cryptocurrencies have restricted functionality.

KuCoin’s $281 million security breach is among the largest in cryptocurrency history. One or more hackers obtained the private keys to the centralized exchange’s hot wallets, gaining control over vast quantities of bitcoin, ether, tron, XRP, stellar and various ERC-20 tokens, among others. KuCoin immediately moved to freeze all wallets and disable services.

  • At the time, exchange CEO Johnny Lyu said any stolen customer funds would be “covered completely” by an insurance fund.
  • KuCoin is one of the most active cryptocurrency exchanges, with daily average volumes of over $100 million, according to the cryptocurrency data site CoinGecko.

As of Oct. 7, the exchange has recovered some $204 million of the stolen crypto, and has made headway into identifying a suspect.

Kevin Reynolds

Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.

Kevin Reynolds
Daniel Kuhn

Daniel Kuhn was a deputy managing editor for Consensus Magazine, where he helped produce monthly editorial packages and the opinion section. He also wrote a daily news rundown and a twice-weekly column for The Node newsletter. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb.

Daniel Kuhn