Crypto exchange Kucoin has recovered all the funds it lost in a hack back in September. The exchange’s CEO Johnny Lyu told AMBCrypto that the exchange had recovered the total $285 million stolen in the hack.
The CEO further highlighted how the exchange eventually retrieved the stolen funds. Lyu said that Kucoin was able to recover a majority of the stolen money through its collaboration with other exchanges in the industry and project partners. With the cooperation, Kucoin recovered 78% of the total funds, which equaled $222 million.
In addition, the exchange cooperated with law agencies and security institutions to retrieve an additional 6%, about $17.45 million. The remaining 16%, equal to $45.55 million, was recovered with the help of Kucoin’s insurance fund.
Lyu also mentioned that none of its customers lost their assets as a result of the hack. He further assured that the exchange had improved its security features since then.
The CEO noted that the exchange “quickly and transparently” addressed the hack. He said:
“When we encountered breach, we acted quickly and transparently to protect all our users and partners. First, we gradually resumed the deposit and withdrawal services within a week, before fully restoring all features.”
Lyu said an investigation is ongoing to identify the hacker.
Image Credits: Pixabay
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