According to the Kucoin exchange CEO Johnny Lyu, the trading platform has recovered $204 million in crypto assets since October 1. The exchange executive says the hacking suspects have been “found” and the “police are officially involved” in order to take action.
On September 25, 2020, the crypto community found out that the Kucoin exchange was hacked for a great number of assets. Estimates say 1,008 BTC was stolen, along with 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $14 million, $153 million of ether and ERC20s, and over 18 million XRP. Following the hack, Kucoin revealed it was working with law enforcement and a number of blockchain projects to remedy the situation.
After a great number of token projects revealed recovering over $130 million from the Kucoin breach, the project developers were condemned for centralization. Further, the blockchain analysis firm Elliptic published a report that said the hacker spent over $17 million on decentralized exchange (dex) platforms. Elliptic…