On October 7, KuCoin announced that the wallet security strategy upgrade for BTC, ETH, and USDT had finished. After the hack on 26 September, the platform was forced to close down its deposit and withdrawal options to prevent further losses, but after securing most of the major cryptocurrencies, KuCoin users are now able to trade some of their assets.
The company advised that all customers update their addresses as a safety precaution, even though older addresses are still available. In the announcement, KuCoin’s team stated that the deposit and withdrawal services of all tokens will be gradually restored and the full service of USDT will also resume soon.
As of now, the ERC20 tokens of USDT are open for deposits and withdrawals, while those for Tron and EOS are still deposit-only. Tether and Omni remain unavailable in terms of both options. Full services for 65 other crypto assets are also said to be resumed.
Previously, the CEO of KuCoin, Johnny Kyu, claimed that $64 million of the stolen assets had been recovered, with another $22 million in stolen USDT being frozen at the moment. The Ocean Protocol completed a fork and returned the recovered OCEAN coins to KuCoin’s wallets without disclosing the specific amount.
While the situation continues to unleash, investigators are getting closer to finding the suspects behind the hack. In a report earlier this week, Chainalysis announced that they have tracked most of the cryptocurrency stolen, revealing more details about the hackers’ strategy to launder the crypto through certain DeFi platforms.
As of now, around $70 million worth of crypto remains unrecovered. Investigators have refrained from disclosing any information about the tracked wallet addresses or the potential suspects of the hack, with police officials allegedly preparing to take action. The platform stated that more information will be revealed in the next official announcement.