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.
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.
(1/3) Latest updates about #KuCoin Security Incident: So far, 84% of the affected assets have been recovered via approaches like on-chain tracking, contract upgrade and judicial recovery. As asked by the law enforcements, we will publish all the details once the case is closed.
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.
Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.