KuCoin restores deposits and withdrawals for 70+ coins after $275M hack

KuCoin digital currency exchange is getting back on its feet following the recent hack, restoring deposits and withdrawals for many of the major digital currencies. The exchange claims that it has now finished the wallet security strategy upgrade for most digital currencies.

In a service update on its site, the exchange revealed that it had restored support for ETH, BTC and ERC20 – USDT. It had also resumed deposits for TRC20-USDT and EOS-USDT, with withdrawals still restricted.

Other digital currencies that are now available include EOS, Blockstack, Tezos, Ziliqa, Polkadot, Chiliz and Cardano. Bitcoin SV is yet to be made available however.

The exchange added, “Please note that BTC, ETH, USDT have all generated new deposit addresses, and though the old addresses are still available currently, it is recommended that you update your deposit addresses in time.”

A spokesperson for the exchange stated that it had been working “with all projects affected to work out the best solution for three parties — token holders, the project and KuCoin users.” The exchange also revealed the steps it had taken to recover some of the stolen coins in partnership with some of the digital currency projects.

For USDT, Bitfinex had successfully frozen over 22 million coins. Other digital currencies that the exchange had recovered include $10.2 million worth of KardiaChain, $10.89 million worth of Ampleforth, $9.5 million worth of Orion, $85 million worth of VELO and $2.3 million worth of Aergo.

KuCoin is recovering from one of the largest digital currency heists ever which saw hackers steal $275 million from the exchange. The hack was the third-largest of all time, only behind the $530 million Coincheck hack and the infamous Mt. Gox hack in which $450 million was stolen.

While initially the exchange had indicated that it lost $150 million, reports emerged from blockchain researchers that revealed the damage was much more. Once the hacker stole the digital currencies from KuCoin’s hot wallets, he immediately started attempting to liquidate them, managing to cash out $1.2 million on DeFi platform Uniswap.

However, as revealed by CEO Johnny Lyu, the perpetrator of the hack has been identified “with substantial proof at hand.”

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.