KuCoin CEO Johnny Lyu has revealed that users did not suffer losses on business relationship of the hack that occurred in 2020. The KuCoin primary made this known as office of a letter of the alphabet titled "2020, 2021, and Beyond."

Back in September 2020, the cryptocurrency commutation suffered a security alienation with 230 different cryptos stolen from its hot wallet. At the time, the total theft amounted to nearly $285 1000000.

In the letter, Lyu revealed that the combined efforts of other exchange platforms and law enforcement agencies led to the recovery of $239.45 million. Indeed, back in November 2020, Cointelegraph reported that KuCoin had recovered near 84% of the stolen funds.

According to Lyu, the exchange utilized its insurance funds to encompass the remaining $45.55 million (16%) of the funds stolen during the hack, thus ensuring that customer deposits were unaffected past the incident.

Commenting on the progress of the investigation into finding the perpetrators of the hack, Lyu said, "Nosotros take obtained substantial clues about the suspects, and the tracking is still in progress."

Equally part of the alphabetic character, the KuCoin CEO also outlined some of the improvements made to the commutation'due south security architecture in the aftermath of the hack. According to Lyu, KuCoin has upgraded its unabridged security organization across web, app and API protocols.

KuCoin was i of v major crypto exchange hacks that occurred in 2020, with the platform experiencing the largest theft of the lot. On the whole, crypto exchange hacks declined in 2020 amid tightened security measured adopted by platforms.

Instead, the decentralized finance marketplace segment deemed for near half of the hacks and exploits in the crypto space in 2020. Yet, KuCoin's Lyu added that the DeFi story is yet in its early on stages, with more innovations on the horizon.

The KuCoin CEO also predicted that nonfungible tokens, or NFTs, are most to explode, stating, "When DeFi revolutionizes our financial services, NFT volition gradually penetrate into our daily lives."