KuCoin CEO claims hacking suspects identified

They’ve already gotten the police involved.

Image courtesy of CoinTelegraph

            OCT 03, 2020

As the fallout from the hack on its platform continues, KuCoin said it has identified suspects and have now officially involved law enforcement in the investigation.

KuCoin CEO Johnny Lyu tweeted on Oct. 3 that the exchange now has substantial proof that identifies who hacked the service on Sept. 26.

Lyu added that as of Oct. 1, KuCoin has managed to wrestle another $64 million in assets from suspicious addresses with the help of its partners in the industry. This brings the total value of recovered assets to $204 million.

The exchange is also slowly coming back to full functionality, said Lyu, and has reopened deposit and withdrawals for 31 tokens. Services for BTC, ETH, and USDT will follow.

The KuCoin hack is the first major case of a decentralized exchange being used to launder funds. It’s estimated that around $200 million in assets were stolen, but analysts fear more tokens could’ve been comprised.

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Original article posted on the CoinTelegraph.com site, by Emilia David.

Article re-posted on Markethive by Jeffrey Sloe