After the serious hacker attack, KuCoin tries to return to normal: what will happen to the exchange now?
The KuCoin exchange is making progress towards a return to normality after the devastating hacker attack in September: on 22 November, the company announced in a blog post that it had „restored the deposit and withdrawal services for all tokens“.
The announcement is Bitcoin Billionaire in the wake of a partial reopening that began in October, when users were able to move their BTC, ETH and USDT out of the exchange. Now it is possible to withdraw and deposit all coins and tokens, although some of them could be subject to withdrawal limits because of what the company has called „an ongoing legal proceeding“.
The attack of 26 September had a huge impact on the exchange: KuCoin had initially declared that the losses amounted to 150 million dollars, but the well-known analysis company Chainalysis clarified how the figure was actually closer to 275 million dollars.
The hack, however, produced a strong response from the entire crypto community: several projects chose to freeze their tokens to prevent them from being used by hackers, or set up hard forks to help the exchange return stolen funds to users.
Last month, the exchange claimed to have identified the criminal and recovered over $200 million of stolen funds.
Despite KuCoin’s efforts to leave the past behind, the future is not entirely encouraging for the Singapore company. As reported by Cointelegraph, the exchange faces several legal problems: in Singapore, where its web domain has been blocked, and in the US, where it has to defend itself against a class action.