The cryptocurrency exchange KuCoin says it has identified suspects in the recent hack of its platform and the theft of about $280 million.
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“After a thorough investigation, we have found suspects in the incident on September 26 and have substantial evidence of their involvement. Law enforcement officials and police are involved for further steps,” said KuCoin CEO Johnny Lyu.
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A quick update since my last livestream on Sep 30.
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After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.
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— lyu_johnny (@lyu_johnny) October 3, 2020
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He added that with the help of partners the exchange managed to secure an additional $64 million held at the attackers’ addresses. The losses from the attack are now estimated at $204 million.
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According to Lyu, KuCoin is returning to full operation. In the last 24 hours the exchange resumed deposits and withdrawals for 31 tokens. It is expected that BTC, ETH and USDT will soon be added to this list.
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Davi Wan, a partner at Primitive Ventures, suggested that, judging by Lyu’s statement, insiders at the exchange could be involved in the hack.
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“We have found the suspects” hmmm so it’s likely a group of insiders again? https://t.co/Cawj3AFBim
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— Dovey Wan 🪐🦖 (@DoveyWan) October 3, 2020
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Earlier, KuCoin said that the exchange would fully reimburse users affected by the hack, using funds from the insurance fund created in 2018 to protect traders’ assets.
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Initially, the loss from the hack was estimated at $150 million. Later, The Block analyst Larry Cermak speculated that an unknown hacker stole nearly twice as much. However, he doubted that KuCoin would be able to cover the stolen funds through the insurance fund.
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