The September hack on KuCoin pushed the exchange backward. But it seems that the company is trying to come back by restoring most of its services. According to their announcement, their deposit & withdrawal services are now open. Users can perform the transaction on all the tokens on the exchange.
Although the exchange mentioned that there’d be daily limits on some of the tokens. So, if users can’t make deposits or withdrawals in a day, they should try the following day.
Before this announcement, KuCoin opened partially in October, allowing users to move their ETH, USDT and BTC away from the exchange. The new development on the platform is that the users could complete their deposits and withdrawals as they please unless on those tokens that have withdrawal limits.
According to KuCoin, the reason behind the limits on some tokens is due to some judicial proceedings going on with the exchange. But no matter what! The crypto community sees the KuCoin reopening as a sign of recovery.
The KuCoin Hack
The crypto exchange lost almost $275 million to hackers, according to Chainanalysis. KuCoin tried hard to downplay the losses to $150 million, but Chainanalysis reported the real figure above.
According to the reports we got, KuCoin had help from many projects in the crypto world. Many of them froze their tokens; some reclaimed it from the hackers, while others initiated hard forks to assist in the fight to restore the stolen funds.
Kucoin shared on the 1st of October, they have recovered more than $200 million after identifying the wrongdoer. So, now, the exchange is fighting hard to come back again to its operation.
But bigger trouble is brewing for KuCoin from the legal side of existence. It seems the exchange is facing legal issues in Singapore and the United States. In Singapore, it is going to fight for the reopening of the locked domain, while in the US, it must fight to win a class-action lawsuit. So, there’s still a long way to complete revival.