KuCoin Has Resumed the Deposit and Withdrawal Service of BTC ETH ERC20-USDT

Cryptocurrency exchange KuCoin has now started gradually resuming its services after going through a major attack that occurred recently on September 26. According to an official announcement made by KuCoin, the company has reopened the withdrawal and deposit service of Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and some other ERC20 tokens.

KuCoin has successfully undergone a wallet security update and with that, it has announced to start operating the service of deposits and withdrawals for top digital currencies including BTC, ETH, and USDT-based tokens. The deposit service for Tether-backed tokens ERC20, TRC20, and EOS is available while it is not available for OMNI-USDT at the moment. While on the other hand, the withdrawal service is only open for Tether (USDT)-based ERC20 tokens, according to the announcement.

New deposit wallet addresses have been created for Bitcoin, Ethereum, and Tether by the company. However, the old wallet addresses for these digital coins are also present out there. The company has recommended users to upgrade their wallet addresses instead of using the old ones.

As per the announcement, the company has not yet opened the complete service of withdrawals and deposits. So far now, the services for only 65 cryptocurrency projects have been opened by the company. However, it said that it is gradually restarting these services and soon it will announce the complete service of the Tether stablecoin on the platform.

The deposit and withdrawal services had been closed by the KuCoin cryptocurrency exchange right after it had suffered a major security incident in which it was attacked by hackers who stole a large bunch of amount from the exchange. The hack that occurred on September 26, 2020, resulted in the loss of more than $280 million worth of digital currencies including Bitcoin, Ether, and other ERC20 coins. These funds were stolen from the hot wallets of the cryptocurrency exchange, not from cold wallets which were completely safe and secured as the company said on that particular day.

As reported recently, the hackers behind this malicious hack have been identified as the company has some substantial prove against them. The Police and the law enforcement agencies are now on the case.