Cryptocurrency exchanges KuCoin are working in part to recover deposits and withdrawals after a major hack.
As KuCoin officially announced on October 7, the platform has completed a wallet security update for major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Tether (USDT).
After the upgrade, KuCoin resumed its ERC-20 BTC, ETH and USDT based deposit and withdrawal services. According to the announcement, USDT powered by other blockchains like EOS, Tron and Omni is not yet available for withdrawal. KuCoin Mann:
“KuCoin is gradually working to re-establish the deposit and withdrawal services for all tokens, and full service for USDT will be resumed soon. Pay attention to the official announcement. ”
KuCoin notes that BTC, ETH and USDT have created new deposit addresses. Although the old addresses are still available, Oslo Boehrs advised users to update their deposit addresses.
The partial recovery of the withdrawal of the KuCoin cryptocurrency comes almost 10 days after the stock market crashed in late September. While the stock exchange originally estimated user losses at around $ 150 million, major cryptanalyst firm Chainalysis estimates losses at $ 275 million.
Johnny Liu, former CEO of KuCoin Global, told Cointelegraph that the hack affected hot wallets with BTC, ETH and ERC-20 codes. Then, a large number of stolen ERC-20 tokens were frozen by large crypto projects. On October 3, Liu announced that KuCoin executives had found the hack suspects with “strong evidence on hand.”
KuCoin representatives did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.