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Crypto Exchange KuCoin Resumes Deposit, Withdrawal Services

  • KuCoin resumes deposit and withdrawal services to all tokens.
  • Some tokens have withdrawal limits due to the ongoing judicial proceedings.
  • In October, the exchange recovered over 84% of stolen crypto assets.
  • On the other hand, KuCoin is facing legal trouble in Singapore and the US.

Crypto exchange Kucoin made an announcement that it has resumed the deposit and withdrawal services for all tokens after the exchange’s $280 million hack.

The crypto exchange mentioned that,

KuCoin has restored the deposit and withdrawal services of all tokens as of November 22, 2020 (UTC+8).

KuCoin Resumes Deposit and Withdrawal Services

The exchange shows promising steps towards normalcy on resuming deposits and withdrawals. Moreover, KuCoin is one of the most popular Singapore-headquartered cryptocurrency exchanges. According to CoinGecko,  the exchange has a daily average trading volume of over $164 million.

KuCoin Trading Volume 30-Days (Source: CoinGecko)
KuCoin Trading Volume 30-Days (Source: CoinGecko)

The announcement comes after the exchange’s hack of over $280 million on September 26. Currently, the exchange opens withdrawals and deposits to all tokens. However, some tokens have withdrawal limits due to the ongoing judicial proceedings. Tokens with daily limits will have zero trading fees. These limits will be removed after the proceedings are completed.

During the hack, the hackers obtained the private keys to the centralized exchange’s hot wallets. They also gained power over vast quantities of BTC, ETH, TRX, XRP, XLM, and various ERC-20 tokens. Moreover, KuCoin immediately moved to freeze all wallets and disable services.

In October, the crypto exchange partially resumed offering its service for 176 tokens. Specifically, the exchange recovered over 84% of the crypto assets. In line with this, they are in the process of identifying the suspect.

KuCoin Global CEO Johnny Lyu shared updates:

However, there are more problems awaiting KuCoin as the exchange is facing legal trouble in Singapore because of the lock of the primary web domain. In addition, in the US, it must fend off a class-action lawsuit.

Ananthi Reeta

Crypto trading has enticed Ananthi to write for CoinQuora. She has made it her personal mission to teach people about cryptocurrency and to simplify the terms for non-geeks to understand with ease.

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