KuCoin Restores Deposit, Withdrawal for Bitcoin, Ether, and USDT

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The recently hacked Hong Kong-based digital currency exchange, Kucoin, has informed in an announcement today that deposit and withdrawal service has been restored for the most traded cryptocurrencies – Bitcoin (BTC), Ether (ETH), and US dollar-backed stablecoin Tether (USDT). The exchange had to halt this service due to the recent cyberattack which resulted in the loss of millions of dollars in customers’ cryptocurrency.

Top Three Cryptos Reopens on KuCoin

KuCoin customers can now securely deposit and withdraw the top three cryptocurrencies, as the exchange’s security measure has been upgraded. Basically, the exchange created new deposit addresses for Bitcoin, Ether, and USDT. However, it noted that the customers could still be able to deposits these cryptos to their accounts using the old addresses. To ensure optimum security, KuCoin recommended that the users should update to the new deposit addresses.

At the moment, KuCoin does not support withdrawal for all the blockchain versions of the US dollar stablecoin. The deposits service is open for the Ethereum (ERC-20), Tron, Omni, and EOS version of USDT. However, the withdrawal support has only been enabled for the Ethereum version.

Notably, the Hong Kong exchange has been effectively managing the challenges spurred by the hack, especially on the side of security. 

Although the operation of the exchange was totally affected by the incident, KuCoin has reportedly restored more than 60 cryptocurrency projects and will continue to restore support for the other cryptocurrencies.

Kucoin Hack

The exchange had to immediately halt the deposits and withdrawal after its hot wallet got compromised. It was hacked in September, which resulted in the loss of more than $200 million worth of digital currencies, including Bitcoin, Ripple, Monero, Litecoin, and others. While these services were down, the exchange began investigating the source of the attack and also worked to patch and improve its security systems.

Later on October 5, the Hong Kong exchange disclosed that it has discovered the culprit who perpetrated the attack. The cryptocurrency exchange didn’t mention the names or any clue about the hackers. However, it informed the public that the hackers are currently undergoing due disciplinary measures for pulling such an attack that almost broke the platform.

The post KuCoin Restores Deposit, Withdrawal for Bitcoin, Ether, and USDT appeared first on BlocDesk.



Source: KuCoin Restores Deposit, Withdrawal for Bitcoin, Ether, and USDT

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