KuCoin has announced that it is resuming credit card services, and its users can resume buying various cryptocurrencies, such as Simplex, Banxa, and PayMIR again.
Check out their Tweet at
— KUCOIN (@kucoincom) October 8, 2020
The KuCoin Exchange opened for trading in September 2017 and is now a global cryptocurrency exchange. A highly trained and dedicated team in their research department continually looks for new and innovative products in the crypto industry. Currently, KuCoin offers a user-friendly crypto trading platform, and users can trade in over 210 tokens and 400 trading pairs. The exchange has a global reach today, with over five million registered traders in 207 countries.
Despite their strength and secure platform, the crypto marketplace KuCoin suffered a significant hacking experience, followed by a substantial loss of funds in the last week of September 2020. Some large withdrawals were noticed around this period. An internal security audit revealed that massive amounts of Bitcoins, ERC-20, and some other tokens were transferred out of the exchange. This consisted of KuCoin holdings too.
KuCoin threw everything they had to get to the root of the security breach to ensure that it never happened again. All transactions on the platform were immediately stopped. Around this time, they also assured stakeholders that they were ramping up security measures, and such an incident was unlikely to reoccur in the future.
Today, KuCoin users will be glad to know that the exchange has resumed a few of their services. In a tweet,
The Latest Updates about #KuCoin Security Incident:
✅ BTC, ETH, USDT deposits and withdrawals have resumed
✅ $MVP has completed the Token SWAP
✅ Full services have now resumed for 70 projects
— KUCOIN (@kucoincom) October 7, 2020
KuCoin has announced that deposits and withdrawals for BTC, ETH, and AND USD have resumed as is full service for 70 of their projects. SMVP has completed the Token Swap.
Further, credit card services have also started, and KuCoin appears to be strongly geared toward resumption of all services.