Looking back on this incident, I would like to thank the crypto exchanges, blockchain projects, security institutions and every user who supported and helped us. Many predicted that the halving would be the start of a next bull run, but few predicted that Bitcoin would surge in price so early. I believe KCS has been undervalued by the market, and with the implementation of related work, we are confident that KCS will enter the top 30 or even the top 15 of total market cap in 2–3 years. Over the past year, the Pool-x platform has supported over 50 projects such as KSM, ATOM, ETH, etc. Network Security Architecture System Upgrade: Deploy network security measures in strict accordance with financial-level security compliance requirements. It was found that a total of 154 tokens were affected by this incident, and the total value is approximately $285 million based on the market price of the day. 3, 2021 /PRNewswire/ -- The CEO of leading asset exchange KuCoin has written an open letter to the community, reflecting on the events of 2020 and outlining the company's roadmap for the future. Although the exchange is yet to experience any hacks, if and when it … When I look back at the incident again today, I see it more as a learning opportunity, which let us find the existing problems of KuCoin. In these communities, we are inspired by listening to suggestions from our users. In order to “Find the next crypto gem”, our blockchain project research team in multiple continents will keep up with the industry trends to find more promising projects. As an example, there’s Lukso, which got listed through KuCoin Spotlight. In the future, we will continue to increase our investment in security, and the experience gained from this incident will enable us to quickly advise and support other industry partners in the event of a security crisis in the future. At KuCoin, our vision is to grant access to the best of blockchain to all people. We have also partnered up with TradingView in the first half of 2020, and the highly anticipated Convert to KCS feature has also recently been launched. The attacker was lurking for a long time, and this attack severely damaged our internal network, allowing the attacker to bypass the security system of KuCoin and obtain the private keys of a few hot wallets. At the end of 2020, the most eye-catching event in the industry was the launching of the ETH 2.0 beacon chain. The entry of institutions is not due to FOMO, but the value of Bitcoin. But compared with the 2017-2018 bull market, we find some things are different. 2020.09.11. kucoinexchange. 2. In the long run, KCS performs as the key to the entire KuCoin ecosystem, and it will also be the native asset on KuCoin’s decentralized financial services as well as the governance token of the KuCoin Community. From being unknown to serving users across 200 countries and regions, finding crypto gems is a major factor in the rise of KuCoin, and it is also a field we have focused on in the past year. We are very pleased to see that in 2020, many innovative blockchain products have been launched. In a letter published today, Lyu said that cooperation with its exchange and project partners allowed KuCoin to originally recover 78% ($222 million) of the stolen funds. Fortunately, with the concerted efforts of all parties, we successfully overcame the difficulties and greatly strengthened the security level of KuCoin. VICTORIA, Seychelle, Febr. While the hackers made off with the remaining 16%, some $45.55 million, the exchange covered this through its insurance fund. As we promised in the Safeguard Program, we will provide these partners with market, technology, ecosystem and other support. After evaluating all existing technologies and public chain ecosystems, we are going to launch new KuCoin decentralized trading solutions on the basis of KuChain. With more and more regulatory agencies sorting out a clear regulatory framework, as industry practitioners, we all welcome regulation and are willing to actively embrace regulation. Entering 2021, Bitcoin exceeded $30,000 and $40,000 in just over ten days. Over the past year, the Pool-x platform has supported over 50 projects such as KSM, ATOM, ETH, etc. Many members of KuCoin are “Bitcoin holders”, but while caring about the price, we should pay more attention to whether the value created by the blockchain is increasing. Cryptocurrency Exchange KuCoin Hacked, $150 Million Moved A lot of Bitcoin, ... At least one admin message on KuCoin's Telegram channel indicated that users should not withdraw or deposit funds "given the situation." It can be said that the cryptocurrency industry was in an earlier period, which was somewhat similar to the internet bubble in the early 2000s, and the bubble will eventually burst. As crypto investors mature, more advanced investment tools are in demand. As the CEO of top-ten cryptocurrency exchange KuCoin, Johnny Lyu occupies an enviable position. KuCoin CEO Johnny Lyu shared more positive news in an open letter shared with CryptoPotato. Over the past year, we have supported 39 fiat currencies, such as the Turkish Lira (TRY), Bangladesh Taka (BDT) and Brazilian real (BRL) to purchase crypto assets, and the number of fiats we currently support is over 53. In the end, we ensured that no users sustained any loss in this incident. As we take off into 2021, we look back fondly on the waves made by crypto. A leaked email of KUCOIN Exchange CEO Johnny Lyu has been posted on the kucoin subreddit just recently. Johnny Lyu had said that the exchange was able to get back only 84 percent of the funds hackers got away with last September when it was hacked.Lyu disclosed this in a letter published on Thursday. With this vision and mission in mind, we have developed a roadmap for 2021-2023 as outlined below, in which we will achieve these product, technological and developmental goals on a quarterly basis. At present, most excellent Dapps are on Ethereum. Also, our mission is to be the bridge builder in the blockchain-based future. It means KCS investment potentials can be 6x or even higher based on the current price. 4. We’re eager to watch KuCoin grow and welcome more people who share the same dream to join us. As we take off into 2021, we look back fondly on the waves made by crypto. In the second half of 2017, the main reason for the bull market was the FOMO sentiment brought by the influx of many new currencies into the market with the popularization of Ethereum smart contracts, which led to a large number of retail investors entering the market. The entry of institutions is not due to FOMO, but the value of Bitcoin. Lyu, in the letter, noted that crypto exchanges are always wary about their security protocols, calling them the ‘sword of Damocles’ that hangs over exchanges. KuCoin is the most advanced and secure cryptocurrency exchange to buy and sell Bitcoin, Ethereum, Litecoin, TRON, USDT, NEO, XRP, KCS, and more. Secondly, with the efforts of all parties in the industry, we cooperated with exchange and project partners to recover $222 million (78%), and cooperated with law enforcements and security institutions to recover $17.45 million (6%). KuCoin CEO Johnny Lyu has revealed that users did not suffer losses on account of the hack that occurred in 2020. Staking is the most convenient investment for anyone who wants to hold crypto for the long term. As People's Exchange, KuCoin is favored by 8 million global users for various tradable assets, a friendly user experience, and reliable support. As we said in the YouTube livestream, the main reason for the incident was the leakage of the private keys of a few KuCoin hot wallets. ... Johnny Lyu, KuCoin Global CEO. To this end, we will shed light on KCS to all KuCoin users, welcoming them to become KCS holders, grow with us and share the benefits from our growth. VICTORIA, Seychelle, Febr. 01 Better Serve Global Users. To be honest, when the incident broke out, our team experienced a short period of low tide and many members fell into self-doubt. Embrace regulation: Needless to say, this is the prerequisite for the long-term sustainable development of the industry. The answer is always in our initial vision and mission. At the same time, in order to offer users more investment tools, our innovation products such as Isolated Margin and Leveraged Tokens are in our future plans. Our core trading system and matching engine will continue to iterate in order to ensure that each token can be steadily traded on KuCoin. When further investigating the cause of the private key leak, we found that KuCoin encountered a complex APT attack in September 2020. KuCoin Co-founder & VP, doubles the partner of KuCoin’s investment affiliate Phoenix Global Capital, blockchain frontrunner, investor and advisor. We donated 100,000 KCS to Dego and held a successful NFT mining campaign. The sharp rise in price has led to a surge in investment enthusiasm. 4 Feb 2021. This site is protected by reCAPTCHA and the Google In the future, we will continue to increase our investment in security, and the experience gained from this incident will enable us to quickly advise and support other industry partners in the event of a security crisis in the future. KuCoin CEO Johnny Lyu tweeted Saturday the South Korean crypto exchange has found what he described as the “suspects” of last month’s hack that resulted in the theft of $281 million in cryptocurrencies. We’ve already had plenty of internal discussion regarding the KCS Product Plan and will keep everyone informed once it has been finalized. With the launch of KuCoin Mobile Web Version, users can access KuCoin and start trading via mobile browser without downloading the app. In order to create a virtual space in every region for all crypto investors to communicate, we launched Portuguese and Bengali communities in 2020, bringing the total number of communities worldwide to more than 15, over 200,000 members. I believe that in this bull market, the crypto total market cap will reach $3 trillion or even $5 trillion. KuCoin recovers stolen funds from hackers. KuCoin CEO Johnny Lyu shared more positive news in an open letter shared with CryptoPotato . 2. KuCoin Weekly Review And our team also realized that we haven’t given KCS enough attention and support. Crypto exchange KuCoin managed to recover 84% of the funds that were stolen from the exchange last September, according to KuCoin CEO Johnny Lyu. The sharp rise in price has led to a surge in investment enthusiasm. KCS COIN DETAILS. KuCoin margin trading and futures trading has also made great progress. At the same time, KuCoin will also fully support the upcoming Polkadot parachain slots auction, allowing users to participate in the Polkadot ecosystem more easily. We donated 100,000 KCS to Dego and held a successful NFT mining campaign. KuCoin aims at providing users digital asset transaction and exchange services which are even more safe and convenient, integrating premium assets worldwide, and constructing state of the art transaction platform. Security has always been the sword of Damocles hanging over the head of crypto exchanges. Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. KCS Empowering KuCoin CEO's Letter: https://medium.com/kucoinexchange/a-letter-from-the-kucoin-ceo-2020-2021-and-beyond-b9a509f8aa0f. In 2020, we encountered the most severe security challenge since KuCoin was founded. Many people are discussing how high the price of Bitcoin can reach in this bull market. Bitcoin will continue to overtake gold: When more and more financial institutions realize the role of Bitcoin in future global inflation, Bitcoin’s competitors are no longer other altcoins, but gold. In order to create a virtual space in every region for all crypto investors to communicate, we launched Portuguese and Bengali communities in 2020, bringing the total number of communities worldwide to more than 15, over 200,000 members. Since the beginning of the year, KuCoin Futures have achieved a stunningly rapid 420% increase in trading volume and a remarkable 670% growth in the number of trading users. At the same time, we have re-architected a new security system from the following three aspects: Security has always been the sword of Damocles hanging over the head of crypto exchanges. At KuCoin, we work closely with over 200 top blockchain projects, serving 6 million users worldwide, and we handle hundreds of millions in transaction volume every day. In the letter, Lyu noted that cryptocurrency exchanges are very careful about their security protocols and call them the ‘sword of Damocles’ that hangs over exchanges. At the same time, KuCoin will also fully support the upcoming Polkadot parachain slots auction, allowing users to participate in the Polkadot ecosystem more easily. At the same time, we are expanding our payments tools and adding support for popular gateways like BTC Direct and Mobilum. When we encountered the security challenge in September, we acted quickly and transparently to protect all our users and partners. 3. To this end, we will shed light on KCS to all KuCoin users, welcoming them to become KCS holders, grow with us and share the benefits from our growth. Justin's Open Letter to TRON Community. Security Team Restructure: We have rebuilt the KuCoin security team and reached close cooperation with top security and anti-APT agencies. Operating an exchange, security is always our main priority. The KuCoin chief made this known as part of a letter … After the incident, we adopted a transparent and responsible attitude to keep users updated about the incident through YouTube live broadcasts, and we conducted three aspects of work at the same time: Although we faced many challenges, we have made breakthroughs in a short period of time. After contacting law enforcement agencies, the company made rather fast progress by identifying the perpetrators and recovering 84% of the funds in less than two months. First, we gradually resumed the deposit and withdrawal services within a week, and now we fully resumed all features of the KuCoin platform. The rapidly growing numbers often make us forget the fact that KuCoin is only a 3-year-old startup! KuCoin CEO Johnny Lyu has revealed that users did not suffer losses on account of the hack that occurred in 2020. CEO of KuCoin, Michael Gan recently published a blogpost titled, “KuCoin’s Update on Platform 2.0 and Future Plans”, and as the title may have hinted out, he covered every spec of the crypto exchange along with possible partnerships that […] At the same time, in order to offer users more investment tools, our innovation products such as Isolated Margin and Leveraged Tokens are in our future plans. The KuCoin chief made this known as part of a letter titled “2020, 2021, and Beyond.” Back in September 2020, the cryptocurrency exchange suffered a security breach with 230 different cryptos stolen from its […] — generating about $7 millions of passive income for users. And our team also realized that we haven’t given KCS enough attention and support. We believe decentralization and transparency powered by blockchain can facilitate the free flow of value around the world, upholding the well-being of everyone. The unique KCS bonus plan will also be implemented in our decentralized services. We’ve all been suffering from the COVID-19 pandemic since the beginning of 2020. Many people are discussing how high the price of Bitcoin can reach in this bull market. Kucoin : https://www.coingecko.com/en/coins/kucoin-shares. The crypto world is an industry full of possibilities, and in 2020 there was immense potential unlocked. It was found that a total of 154 tokens were affected by this incident, and the total value is approximately $285 million based on the market price of the day. At the same time, we have re-architected a new security system from the following three aspects: 1. In March 2020, KuCoin launched Project Pinocchio together with 21 top blockchain institutions around the world — establishing a neutral and credible alert platform for scam projects in the cryptocurrency industry. Coingecko Widget. The saying, “what does not kill you makes you stronger” resonates with us. As the CEO of crypto exchange KuCoin, Johnny Lyu, stated in an open letter to the community today, the exchange, which was hacked last September, managed to recover 84% of the stolen funds in cooperation with partners as well as authorities. No one doubts the bull market anymore. A Letter to KuCoin Users from Johnny: Three Years Done, Many More to Come. In order to help users monitor the market easily, we launched the Market Ticker Feature - allowing users to see the latest price even if the KuCoin App is closed. - generating about $7 millions of passive income for users. KuCoin CEO Johnny Lyu has revealed that users did not suffer losses on account of the hack that occurred in 2020. 5 minute read, 8 hours ago I believe that KuCoin today is stronger than we have ever been. At the same time, we have been in contact with one Big Four accounting firm and will obtain its security standard certification. The story of DeFi is just beginning: I believe that the development of DeFi has great potential, because it targets one of the most important industries in the traditional world — finance. In October 2020, we launched the NFT trading board to support the latest NFT trend. Now we have fully recovered from the incident and our safety level has been greatly improved. After 4 years of waiting, the Polkadot Mainnet went live. In general, the future strategy of KuCoin will be carried out by two priorities: “Find the next crypto gem” and “Empowering KCS”. Suspects Tracking: We continuously work closely with law enforcements and security institutions to track the suspects. After evaluating all existing technologies and public chain ecosystems, we are going to launch new KuCoin decentralized trading solutions on the basis of KuChain. In these communities, we are inspired by listening to suggestions from our users. Subsequently, we monitored the abnormal alarms for the transfer of BTC, ETH and multiple ERC-20 tokens. In addition to finding the next crypto gems, KuCoin is fighting against scams and frauds to fortify the industry environment. After a two-year bear run, we saw the third halving of Bitcoin in May 2020. Now, it covers stablecoins, lending, synthetic assets and DEX, and it supports 28 tokens including AAVE, LINK, AMPL, ORN and more. No one doubts the bull market anymore. Unsurprisingly, the value of OKEx’s native exchange token plummeted as a result. In the meantime, we also have a new plan for KuCoin going decentralization. In addition to finding the next crypto gems, KuCoin is fighting against scams and frauds to fortify the industry environment. Moving forward, we will build KCS as a killer product rather than a simple token. Now, in an open letter to the community, Johnny Lyu, the CEO of KuCoin, has finally addressed the issue as well as what steps the exchange is taking. In general, the future strategy of KuCoin will be carried out by two priorities: “Find the next crypto gem” and “Empowering KCS”. In an Open Letter of TRON Foundation’s CEO Justin Sun, he shared his ideas after receiving feedback from the community members and developers regarding Proposal №47 and Proposal №48, as he plans to improve the democratic governance and development of the TRON network in the future. 18 hours ago Privacy Policy 2. DeFi is a hot topic that cannot be dismissed in 2021. In March 2020, KuCoin launched Project Pinocchio together with 21 top blockchain institutions around the world - establishing a neutral and credible alert platform for scam projects in the cryptocurrency industry. The unique KCS bonus plan will also be implemented in our decentralized services. When further investigating the cause of the private key leak, we found that KuCoin encountered a complex APT attack in September 2020. By KuCoin Blog | NFT is another innovative field. 3, 2021 /PRNewswire/ -- The CEO of leading asset exchange KuCoin has written an open letter to the community, reflecting on the events of 2020 and outlining the company’s roadmap for the future. As a leader of the industry, what will KuCoin do with these trends? Crypto is a global currency, and as one of the most global … In addition, we have obtained substantial clues about the suspects, and the tracking is still in progress. In order to provide stronger support for DeFi, we launched the DeFi Trading Board in August 2020. In KuCoin CEO’s public letter on Feb 4th, 2021, he believes KCS has been undervalued by the market, and with the implementation of related work, KuCoin is confident that KCS will enter the top 30 or even the top 15 of total market cap in 2-3 years.
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