KuCoin CEO Says It Has Identified the Culprits Behind Hacking US$ 281 Million Of The Exchange

Johnny Lyu, CEO of KuCOin, who got very recently hacked by the unknown said that the exchange has identified the perpetrators. The scammers have looted approximately US$ 281 Million worth of crypto assets lying within the accounts of the exchange.

In a tweet message Johnny Lyu, KuCoin’s Chief Executive Officer has informed that the exchange has identified the culprits behind the scam.

The world-renowned crypto-asset exchange KuCoin was hacked in the last days of September this year. Due to the hack, hackers successfully managed to gain unauthorized access to the hot wallets of the exchange. Resultantly the hackers had looted an amount of US$ 281 Million from the hot wallets.

Since the hack, KuCoin’s upper management and administration were cooperating with the law enforcement agencies of the country. However, very recently, the exchange’s CEO tweeted that they had identified the alleged perpetrators. He also said that all necessary information has been provided to the law enforcement agencies for apprehending the culprits.

Exchange’s CEO also informed that the exchange and the law enforcement agencies have conducted a thorough investigation and found clues. Substantial evidence has also been gathered, told Lyu in his tweet. On KuCoin’s website Lyu also informed that sufficient evidence has been collected and handed over to the authorities. The authorities will be taking action against the suspects by apprehending them.

Lyu further told that approximately US$ 64 million has been recovered which were subsequently sent to unknown addresses. However, still US$ 204 Million remains to be recoverable. Reportedly KuCoin’s hack remains the biggest hack of decentralized exchange ever so far.

The complaints have been followed up by local law enforcement agencies as well as international agencies.

After the hack taking place, as an immediate measure, the exchange suspended the withdrawal and deposit operations. Similarly, the rest of the crypto assets lying in the hot wallets were shifted into cold wallets. The cold wallets are not connected with the internet and therefore the chances of theft are most unlikely.

Currently, exchange is returning gradually towards resuming its normal course of business. It has also recently reinstated the activities relating to withdrawal and deposit policies at the exchange.