Johnny Lyu: KuCoin has identified suspects and they have already gotten the police involved

KuCoin CEO Johnny Lyu tweeted that the Singapore 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 and have now officially involved law enforcement in the investigation.

After a thorough investigation, we have found the suspects of the 9.26 KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action, he said.

Johnny Lyu, CEO of Kucoin exchange

The CEO added that as of Oct. 1, KuCoin has managed to wrestle another $64 million in assets from suspicious addresses with the help of its partners in the industry. This brings the total value of recovered assets to $204 million.

As of now, a total of 31 tokens have opened deposit & withdrawal services, and more tokens including BTC, ETH and USDT will follow, said Lyu, and slowly coming back to full functionality.

The KuCoin hack is the first major case of a DEX being used to launder funds. For the past few days, the blockchain analysis firm Elliptic says the Kucoin hacker has sold $17.1 million worth of tokens via DEX platforms like Uniswap, Kyber Network, Tokenlon. The shift to dex applications comes after centralized projects came to the aid of the beleaguered exchange by blocking any cashing out of the hack related funds.

In a blog post on September 29, Elliptic co-founder and chief scientist, Tom Robinson revealed that of the stolen assets, “approximately US $152 million was made up of Ethereum-based tokens (ERC20s), including USDT, LINK, and OCEAN.”

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