Popular crypto exchange firm, KuCoin that got hacked recently has announced on Saturday that the suspected hacker has been identified and more of the funds stolen has been retrieved.
KuCoin CEO, Johnny Lyu announced via Twitter that suspects of the hack have been identified with enough proof. He also said law enforcement would begin to take action from now.
“After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action, Lyu tweeted.
The exchange firm last month announced that it got hacked. However, it never disclosed the amount it lost during the operation. It was gathered then that KuCoin lost around $150 million, however, Lyu has said that $204 million value of asset has been retrieved from the hackers.
The CEO disclosed that when the suspects were identified, $64 million was seized from them also. According to him all the funds seized from the hackers now total 204 million which is around 72 percent of the entire funds stolen.
How KuCoin hacker was identified and funds retrieved
KuCoin CEO is yet to provide details about how the suspected hackers were identified, however, law enforcement are currently on their trail.
Towards retrieving stolen funds, the exchange alongside other exchange firms engaged in a cross-platform joint action. This ensured that hackers did not cart away all the stolen funds.
Bitfinex, Tether, Binance, Huobi, OKEx, Bybit, Upbit, among others, were involved in the joint action against the hackers.
Bitfinex announced then that it froze 13M Tether USDT and Tether froze 20M Tether USDT also immediately after the hack.
KuCoin CEO also announced that around 1.09 billion $BEPRO tokens (close to $1.09 million) were frozen days after the hack too.
KuCoin resumes full operation after hack
After the hack, KuCoin paused deposits and withdrawal. Lyu has said that now, the exchange is returning to full functionality.
31 tokens have resumed normal deposit and withdrawal services. Other major high-cap coins like BTC, ETH and USDT set to fellow shortly, Lyu disclosed.
Reportedly, KuCoin hack is the first major case of a decentralized exchange being used to launder funds.
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Source: KuCoin hack: 4 million retrieved, how hacker was nabbed