KuCoin CEO Claims in a Tweet to Have Found Suspects of the Exchange Hack

Johnny Lyu, the Chief Executive Officer (CEO) of the major digital currency exchange KuCoin has claimed in a tweet on October 3, 2020, that they have finally found and identified the suspects involved in the hack of the exchange after conducting a thorough investigation on the incident. Reportedly, the law enforcement authorities and police are on the case now.

KuCoin has substantial proof, Claims CEO

After getting attacked by hackers on September 26, the officials of the cryptocurrency have been investigating the incident during this whole time. Now, the cryptocurrency exchange’s CEO Johnny Lyu has provided an update through a tweet about their success in the identification of hackers. He said that they have successfully found those hackers who were behind this hack.

Johnny Lyu said that it was a great effort made by the team of the KuCoin exchange in unmasking these malicious hackers. According to him, the cryptocurrency exchange has now got “substantial proof” about hackers and said that they are now working and collaborating with the police and law enforcement authorities further to taking legal action against them.

Cryptocurrency exchange got hacked on September 26 by hackers in which it had to lose an amount of over $280 million in digital assets. The company initially referred to it simply a security incident but it was actually a hacking activity the exchange found out later on the day of the incident. It is considered to be the third-biggest hack in the cryptocurrency history that the Singapore-based digital currency exchange had to face. According to the company, funds were moved out of the hot wallets of the cryptocurrency exchange while cold wallets were safely secured, the company said. Soon after the incident, the company created new hot wallets on the exchange and moved the remaining assets into them.

Funds that were drained out from the exchange involved cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and some other ERC20 coins.

Reportedly, hackers transferred their stolen funds into the decentralized exchanges most particularly the decentralized exchange protocol Uniswap. Hackers laundered their stolen funds through the decentralized exchanges (DEXs).

However, Lyu has said that the cryptocurrency exchange is once again returning back to operate its platform’s functionality normally. The deposit and withdrawal service that was stopped after the incident has now been opened again by the company while allowing users to start making deposits and withdrawals.