KuCoin moves closer to recovery by reopening deposits and withdrawals

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In the last step towards a full recovery after a devastating hack in September, Crypto exchange KuCoin today announced in a blog post that it has “restored all token deposit and withdrawal services.”

The announcement follows a partial reopening that took place in October, where users could withdraw their BTC, ETH and USDT from the exchange. This final step opens withdrawals and deposits to all coins and tokens, although some tokens may have withdrawal limits due to what the exchange has called “ongoing legal proceedings.”

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The reopening is a promising step towards normalcy after a crippling hack on September 26. The exchange initially said the losses were $ 150 million, but crypto-analytics giant Chainalysis brought the number closer to $ 275 million.

The hack has mobilized a massive response in the cryptocurrency world, with several projects choosing to freeze their tokens, recover them from hackers, or even launch hard forks to help the exchange restore user funds.

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On October 1, the exchange claimed it had both identified the alleged attacker and recovered more than $ 200 million in stolen funds.

But, as the exchange seeks to put hacking and its fallout into the past, all does not look bright for the future of KuCoin.

As TBEN previously reported, other issues await KuCoin as the exchange faces legal issues on two fronts: in Singapore, where it faces a web domain lock, and in the United States, where he must reject a class action. .

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