KuCoin Resumes its Crypto Withdrawal and Deposit Services after the Recent Crypto-Hack

KuCoin Resumes its Crypto Withdrawal and Deposit Services after the Recent Crypto-Hack

One of the most discussed cryptocurrency exchanges in the year 2020, KuCoin finally makes a comeback. The cryptocurrency exchange had recently ceased its operations following the crypto-hack that they reported they had suffered towards the end of September 2020.

The KuCoin crypto-exchange had recently announced to the crypto-community that they had been attacked by a group of crypto-hackers. As per KuCoin, the hackers were able to steal around $204 million worth of crypto-coins belonging to numerous cryptocurrencies.

The tokens that the hackers stole away belonged to popular cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), and many others.

As per KuCoin, they responded promptly to the hack-alarm they received when the heist was being attempted by the hackers. Although the hackers initially stole away tokens worth $204 million, they have been able to recover most of the amount.

KuCoin advised that they got in touch with other crypto-exchanges, requesting them to cease the KuCoin transactional activities all across the board.KuCoin commended that other crypto-exchanges responded well to their call and updated their security systems to catch any unusual activities triggered by suspicious addresses.

Following to the hack that took place on KuCoin, they have since started to upgrade their security protocols for some of the major cryptocurrencies. These cryptocurrencies are Ethereum (ETH), Bitcoin (BTC), and Tether (USDT).

KuCoin confirmed that after the successful deployment of the upgraded security protocols, they have resumed their deposit and withdrawal services. They stated that for now, it will be ETH, BTC, and ERC-20-based USDT that will have its operations resumed.

However, the USDT that currently runs on Tron, Omni, and EOS blockchains will not be available for withdrawals at present.

KuCoin stated they have created new addresses for their users for the BTC, ETH, and USDT cryptocurrencies.

They stated that the old addresses for BTC, ETH, and USDT would still be usable. However, KuCoinconfirmed that they would recommend their users to use the new addresses for deposits and withdrawals.

As per KuCoin, the new addresses are more secure and have been designed to withstand any crypto-hack.

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