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KuCoin inches closer to recovery by reopening deposits and withdrawals

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KuCoin inches closer to recovery by reopening deposits and withdrawals

In the latest step towards full recovery after a devastating hack in September, Crypto exchange KuCoin announced today in a blog post that it has “restored the deposit and withdrawal services of all tokens.” 

The announcement follows a partial reopening that took place in October where users could move their BTC, ETH, and USDT off the exchange. This latest step opens withdrawals and deposits to all coins and tokens, though certain tokens may have withdrawal limits due to what the exchange called “ongoing judicial proceedings.”

The re-opening is a promising step towards normalcy after a crippling hack on Sept. 26. The exchange initially said the losses stood at $150 million, but crypto analytics giant Chainalysis pegged the number closer to $275 million

The hack mobilized a massive response across the cryptocurrency world, with multiple projects choosing to freeze their tokens, reclaim them from the hackers, or even initiate hard forks to help the exchange restore user funds.

By Oct. 1st, the exchange claimed that it had both identified the suspected attacker, as well as recovered upwards of $200 million in stolen funds. 

But, as the exchange looks to put the hack and its fallout in the past, not all is looking bright for KuCoin’s future.

As Cointelegraph has previously reported, more trouble awaits KuCoin as the exchange is facing down legal trouble on two fronts: in Singapore, where it faces a web domain lock, as well as in the US, where it must fend off a class-action lawsuit.