KuCoin, a leading digital currency exchange in Hong Kong, suspended its cryptocurrency trading services during a recent cyber attack that resulted in millions of dollars in losses. In any case, the exchange actively responds to calls and gradually resumes its services. The KuCoin team is working hard to improve and update the exchange’s security system.
After the update, KuCoin fully restored the input and output functions of the three most traded digital currencies: Bitcoin (BTC), Ether (ETH), and stable currency Tether (USDT), backed by the US dollar. It’s worth noting that since then, the KuCoin exchange has also improved the security measures of the digital currency wallet.
As a result, the exchange now uses a new address for storing deposits in Bitcoin, Ethereum and Tether. KuCoin customers can still use the old address to process deposits; however, the exchange recommends updating the deposit address. Except for the Ethereum version of Tether (ERC20-USDT), which was open for deposit and withdrawal. Other versions of the Tron, EOS and OMNI stablecoins are currently supported.
KuCoin Exchange Recovers From Hack And Loss Of $ 281 Million
Following an incident that reportedly resulted in the loss of $ 281 million in digital currencies including Ripple (XRP) and service disruption. The Hong Kong Stock Exchange is actively working to restore the deposit and withdrawal of the cryptocurrencies it supports. At the moment, about 65 cryptocurrency projects have been fully restored on the exchange.
Working diligently to restore services and improve security, KuCoin Exchange has also partnered with several agencies to investigate recent attacks. Later, on October 5, KuCoin stated that they knew who the attack was carried out, but did not provide any details.
However, KuCoin, in its statement, has ensured that those responsible will be punished.