KuCoin exchange has identified suspects in the theft of $280 million

KuCoin exchange has identified suspects in the theft of $280 million

The KuCoin cryptocurrency exchange claims to have been able to identify suspects in the recent hacking of the platform and the theft of about $280 million.

“After a thorough investigation, we found the suspects in the September 26 incident and have substantial evidence of their involvement. Law enforcement officers and the police are involved in further steps,” said KuCoin CEO Johnny Liu.

He added that with the help of partners, the exchange managed to secure an additional $64 million, which were at the addresses of the attackers. The damage from the attack is now estimated at $204 million.

According to Liu, KuCoin is returning to full functioning mode.

Over the past day, the exchange has resumed the input and output of 31 tokens. BTC, ETH and USDT are expected to join this list soon.

Davi Wang, a partner at Primitive Ventures, suggested that, judging by Liu’s statement, exchange employees may be involved in the hacking.

Earlier, representatives of KuCoin said that in the near future the exchange will fully compensate the losses to users affected by hacking. To this end, the company uses funds from the insurance fund, which it created in 2018 to protect traders’ funds.

Initially, the damage from the KuCoin hack was estimated at $150 million. Later, The Block analyst Larry Cermak suggested that an unknown hacker stole almost twice as much money. However, he doubted that KuCoin would really be able to cover the stolen funds at the expense of the insurance fund.