KuCoin covered the remaining 16% of crypto assets stolen in September from insurance funds

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The management of the KuCoin cryptocurrency exchange reported that the exchange’s insurance funds have reimbursed the remaining 16% of the $ 45.5 million worth of crypto assets stolen during the September hacker attack.

In September 2020, the KuCoin trading platform was hacked, during which attackers managed to gain access to one of the exchange’s hot wallets. Hackers withdrew about 230 cryptoassets for a total of $ 285 million. A few months later, the exchange was able to recover 84% of the stolen funds, resuming service of 176 cryptoassets. KuCoin CEO Johnny Lyu noted that users did not suffer losses as a result of this hack.

He stated that the remaining 16% of stolen cryptoassets are covered from insurance funds, which guarantees the safety of client funds. The exchange continues to conduct an investigation together with law enforcement agencies, and important information about the suspects has already been received. In addition, significant improvements have been made to the exchange structure – KuCoin has updated its security system via web protocols, applications and API protocols.

In his address to users, the head of KuCoin also commented on the development of the decentralized finance (DeFi) industry, saying that it is in its early stages, so new innovations may appear on the horizon. Liu suggested that when DeFi becomes ubiquitous in the financial industry, non-fungible tokens (NFTs) will gradually begin to flow into everyday life.

Earlier, the head of Bybit cryptocurrency exchange Ben Zhou said that all crypto-asset trading platforms have the same problems as regular websites, so one of the top priorities of any exchange is to ensure the security of the system.

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