Johnny Lyu, who is the CEO at one of the most popular cryptocurrency exchange ‘KuCoin’, made a promising announcement for their followers. He made the announcement on twitter that they have now collected enough evidence, which will help them identify the perpetrators who recently pulled a hack on KuCoin.
According to Lyu, KuCoin had been attacked by a group of hackers towards the end of September 2020. As a result, KuCoin exchange ended up losing cryptocurrencies that were worth more than $280 million.
Lyu added that they have also involved the police and legal law enforcement agencies to carry out a thorough investigation.
Lyu also thanked the cryptocurrency companies that showed full cooperation in taking swift action against the hack. He stated that ever since KuCoin got hacked, they have been collaborating with teams from other cryptocurrency exchanges. The collaborations have been established with aims to recover the funds that were stolen.
Lyu commended how other crypto-exchanges acted upon their request by freezing their assets or rendered the coins useless.He also pointed out that numerous teams came into action and made necessary updates to their blockchains. These updates were introduced in order to stop the hackers from liquidating the cryptocurrencies they had stolen from KuCoin.
Cryptocurrency exchanges such as Tether and Bitfinex reported that they managed to freeze around $33 million worth of USD-pegged stablecoins, commonly known as (USDT). There were also other exchanges known as Ocean Protocol, VIDT-Datalink, and Akropolis who prevented hackers from making further transactions.
The exchanges stated that the primary measures they took were forking, freezing, and blacklisting in order to prevent hackers from using or transferring funds.
Further investigations on the incident have revealed that cryptocurrencies that were affected the most by the hack were ERC-20 tokens and DeFi. The report also revealed that the hackers were fully aware that freezing funds can be really easy on centralized exchanges. This is the reason the hackers went with decentralized exchanges to launder the tokens.
Adding to the report, Lyu mentioned that the hackers had managed to sell around $13 million worth of cryptocurrencies on the exchanges using decentralized platforms.