KuCoin CEO: Insurers refunded part of losses from hacking

by in Blockchain News

KuCoin

In September 2020, the KuCoin cryptocurrency exchange was hacked. As a result, hackers stole up to $ 285 million in cryptocurrency.

According to platform CEO Johnny Liu, insurance companies took part in recovering losses incurred as a result of the attack. He emphasized that thanks to the cooperation of the exchange and law enforcement agencies, it was possible to return digital currencies worth up to $ 239.45 million in November last year.

The KuCoin administration at the end of autumn separately reported on the return of the lion's share of the stolen funds (about 84%).

Johnny Liu noted that approximately 16% of the funds were returned by insurance funds. In total, they paid $ 45.55 million.

Trending: Wells Fargo Says Crypto Can Be a Part of the Next Digital Era

Thus, the company was able to almost completely compensate for all losses. Customer deposits were not affected in any way by this incident, the head of the trading platform emphasized. Liu also added that his team had taken steps to improve the safety of the platform.

KuCoin is on the list of five trading platforms that were hacked in the past year. Moreover, the September attack was the largest for KuCoin in its entire history.

However, in general, the number of exchange hacks is decreasing thanks to the introduction of the latest software focused on safe storage of funds and trading.