Johnny Lyu, KuCoin's CEO, tweeted yesterday that the exchange recovered $235 million of the $280 million stolen in the September 25 attack. The figure represents 84% recovery. KuCoin underestimated t
Johnny Lyu, KuCoin's CEO, tweeted yesterday that the exchange recovered $235 million of the $280 million stolen in the September 25 attack. The figure represents 84% recovery.
KuCoin underestimated the damage at first. The exchange thought hackers had taken $150 million from its hot wallets. Forensic teams later discovered the actual theft reached $280 million.
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The attackers made off with $30 million in Bitcoin, $147 million in various ERC-20 tokens, and $87 million in Stellar Lumens (XLM).
Bitfinex identified $13 million in USDT on EOS and froze the funds. Tether locked $20 million USDT at an Ethereum address associated with the attackers. KuCoin conducted its own on-chain tracking work. Within days, these actions produced $160 million in recoveries.
Some funds escaped. Hackers cashed out about $13 million in tokens through decentralized exchanges before anyone could stop them. KuCoin cannot recover those assets.
Lyu said law enforcement asked the exchange not to release details until the investigation closes. He posted: "So far, 84% of the affected assets have been recovered via approaches like on-chain tracking, contract upgrade and judicial recovery."
With most funds secured, the exchange resumed full operations for 176 tokens. Lyu said KuCoin will restore the others by November 22.
Hackers have stolen billions from cryptocurrency exchanges over the years. The 2018 Coincheck hack, which cost $534 million, remains the largest theft in the industry's history.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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