KuCoin has released a public statement to announce that its users can now deposit and withdraw as the services are now available to all clients. This is after the crypto exchange was forced to suspend its deposit and withdrawal activities after the platform was hacked. The platform suffered a massive hack in September where it saw $275 million in customer funds carted away by malicious actors.

In the statement released on Sunday, the crypto exchange thanked its clients and users for their patience through the troubled period. Notably, the firm initially allowed users on the platform to deposit and withdraw some selected tokens in what was termed a partial reopening in October.

Users are relieved with deposits and withdrawals restoration

This latest step is now one in a long list of actions that the crypto exchange platform will take before recovering fully from the hack. True to the statement of the crypto exchange, users were allowed to deposit and withdraw just Bitcoin, Ethereum, and dollar-pegged USDT on the platform one month after the hack. Now users on the platform will be allowed to deposit and withdraw a long list of tokens except some that have restrictions placed on them because of court proceedings.

However, users on the platform will be breathing a sigh of relief at the news, which means they can withdraw most of their tokens stuck during the suspension. Even though the platform is currently taking steps to return to normal, it might be long before things return to normal. After the hack that took place on the platform in September, the platform released a report that the total assets that the hackers carted away were around $150 million. However, after an investigation by data analysis firm, Chainalysis, it was discovered that the hackers stole tokens worth around $275 million.

KuCoin is still facing challenges on the road to recovery

After the hack happened, users were quickly assured that their funds were still safe, but law enforcement was investigating the hack. “Our users should be rest assured that their funds are safe with us, and KuCoin and our insurance trust fund will refund any account that is affected by the attack,” KuCoin said. After the hacking incident, the CEO of KuCoin, Johnny Lyu, said in a live stream that the bad actors could carry out the malicious mission after accessing the private keys of one of the hot wallets that belonged to the crypto exchange.

Furthermore, the CEO said that immediately the platform noticed that their hot wallets were being drained, they immediately started transferring them into new hot wallets. Still, the hacker was able to get the funds that they stole before they reacted.

A report published after the hack said that various crypto exchanges chose to freeze their tokens or reclaim them from the bad actors while some of them triggered hard forks to help Kucoin get their stolen funds back from the hackers. While things are going well for the exchange, it still has its share of challenges. Currently, the firm is embroiled in a class-action lawsuit filed against it in the United States, and its web domain is still locked in its base of operation in Singapore.