Kucoin boss on Post-Hacking strategy: “we decided to take action”

Kucoin, one of the leading crypto exchanges, was attacked in 2020 when more than $ 250 million was stolen. However, immediately after the hacking report, Kucoin began collaborating with several players from the crypto industry. This collaboration eventually led to the return of a large portion of the stolen funds.

Cucoin rescue after attack
Now it’s been almost a year since hacking, but Kucoin is one of the world’s leading crypto exchanges and favored by many users in Africa. KuCoin’s rapid recovery after an incident can be explained by many factors. To learn more about this experience with Kucoin, Bitcoin.com News recently contacted stockbroker CEO Johnny Lew.

Below you will find answers to questions sent to him via LinkedIn.

Bitcoin.com news (BCN): it’s been almost a year since hackers stole money from the stock market, but most of the stolen funds have reportedly been recovered. Can you now confirm how much was stolen and how much was returned?

Johnny Liu (JL): we value our users, so we always put extra effort into making them feel comfortable with us. We also understand how terrible it is to lose your money in an attack. So we worked hard to recover 84 per cent of the stolen funds and the rest was covered by our capital, leaving no users who suffered any losses related to the incident.

This has been made possible by the coordinated work of all our departments, 24-hour cooperation with other exchanges and projects. The protection program we have developed to support organizations and users affected by security incidents has proven effective in ensuring that the process is started as quickly as possible.

BCN: how did the hacking incident affect Kucoin?

DL: to be honest, when the incident occurred, our team went through a short tidal period and a lot of members started questioning themselves. However, with the support and encouragement of our partners and users,

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