In the year 2020, the growth in the cryptocurrency investments and user-base has sky-rocketed. The industry that had around 35 million unique users back in 2018, now has 100 million unique users. While the total number of users in the crypto-industry are 190 million and this number keeps on rising.
Unfortunately, with the fast paced growth and development in the crypto-industry, risks and hacks are also becoming common. While the year 2020 has been considered the most profitable for crypto-industry, it has also proven to be the most risky.
There have been several hacks over the course of the current year in the crypto-world. Even some of the major cryptocurrency exchanges were unable to protect their systems against cyber-attacks.
One of the most costly hack took place in September when a hacker managed to gain access to a KuCoin wallet address. The hacker then transferred different cryptocurrencies to an unknown wallet address. This hack cost KuCoin a sum of $280 Million worth of cryptocurrencies that included BTC, XLM, Omni, EOS based tether (USDT), LTC, and BSV.
Right after the hack, the KuCoin exchange requested assistance from its fellow crypto-exchanges to help it recover the hacked cryptocurrencies. On Nov. 11, the CEO of the KuCoin exchange ‘Johnny Lyu’ made a promising announcement for the KuCoin community.
Lyu confirmed that they have been able to recover 84% of the assets that they had lost to the hack. Lyu who is also the co-founder of the KuCoin crypto-exchange also confirmed how they were able to recover the funds.
The exchange was able to recover the lost assets due to the judicial recovery as well as upgrading contracts for on-chain tracking. Lyu has confirmed that they will be able to share more information once the case has been solved and closed.
Lyu also announced that their crypto-exchange has also resumed their services to the fullest. Now the users can trade with the entire 170 tokens that are available through the KuCoin platform.
The CEO has also announced that they have identified the perpetrators behind the hack. He confirmed that they have enough evidence against the hackers to bring them to justice.