KuCoin to resume the withdrawal and deposit services after security breach

KuCoin announced that the withdrawal and deposit services for all tokens will finally be resumed on the crypto exchange.

After a crippling hack, KuCoin looks to return to normalcy. The exchange promises to open all deposits and withdrawals for cryptocurrencies soon.

KuCoin, the digital asset exchange headquartered in Singapore, which was hacked for $281 million in September, said it has reactivated all token deposits and withdrawals services.

The exchange said that in connection with the ongoing litigation, daily withdrawal limits will be set for several tokens. According to KuCoin, these limits will be removed after the end of the lawsuit. However, according to the exchange, no trading fee will be charged for tokens with daily limits.

KuCoin’s $281 million security breach is one of the largest hacks in history. One or more hackers have received the private keys to the hot wallets of a centralised trading platform, thereby taking control of a huge amount of the cryptocurrency. KuCoin immediately froze all wallets.

Exchange Director Johnny Liu said that all stolen customer funds would be ‘fully covered’ by the insurance fund.

KuCoin is one of the most active crypto exchanges with an average daily volume of over $100 million, according to CoinGecko. As at 7 October, the exchange had returned stolen cryptocurrency worth approximately 204 million dollars and was able to identify the suspect.

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