One of the well-known digital asset Exchange Company KuCoin based in Singapore was hacked to the tuning of nearly 281 million in September. However, it has been claimed that it is back to restore the withdrawal and deposit services of all the tokens. Since there is an ongoing proceeding at the judicial level going on for certain tokens, there will be a limit put on the regular withdrawal which will be put on some tokens. However, it is also believed that these limits will soon be removed once the judicial process gets finished. However, till that time span, the limit shall contribute and tokens with regular limit will have no trading fees.

The security break of KuCoin’s $281 is said to be one of the largest one in the whole history of the CryptoCurrency. There are more hackers who have received the private keys for centralizing the how wallets exchange while also improving the control on the huge quantities of the ether, BitCoin, and stellar as well. KuCoin however quickly moved to freeze all these wallets while disabling the services. The exchange CEO Johnny lyu stated that the funds of the customers shall be covered in a whole manner by the fundings of the insurance.

There is no doubt that KuCoin is one of the highly active exchanges of CryptoCurrency that has the ability to earn more than the regular average volume of nearly 100 million. If we consider the October 7th data, it has been noted that the exchange has been recovered for $204 million of the crypto which is stolen but still, it has made headway into identifying a suspect. With these things going on it is now time to wait and watch for KuCoin to gain better working again.

Crypto Business World

CBW - External Analyst

INDIA