Kucoin exchange explained in a blog post on the 23rd of November 2020 that it has reopened all crypto assets' deposit and withdrawal services.
The recent action allows deposit and removal of all crypto; however, some coins may have limited withdrawals. This latest action is a vital step towards returning to a normal state following the incident on the 26th of September 2020.
Major updates
- Kucoin restores deposit and withdrawal major crypto assets
- Users may experience issues due to withdrawal limits
- Kucoin identifies attackers
The statement comes after a partial opening that happened last month, where only a few crypto assets (Bitcoin, Ether, and Tether) can be withdrawn. KuCoin initially stated that it experienced a loss of about $150M.
However, some analysis claims the figure to be around $275M. The hack initiated strong responses in the crypto space, with several projects choosing to freeze their coins, reclaim them, or initiate hard forks to assist kuCoin restoring funds.
On the 1st of October, KuCoin stated that it had recovered funds close to $200M and identified the suspected hacker.
Although, they appear to be ready to move on from the hack. Some problems await the exchange as it has legal issues to deal with in two locations, The United States and Singapore.
What do you think about KuCoin's reopening of deposits and withdrawals? Let's discuss this in the comment section.
