Kucoin’s Web Traffic Drop by Almost half in October After Hack

Cryptocurrency exchange Kucoin experienced a drop in its web traffic in the month of October by almost half. The report which was compiled by ICO_Analytics reviewed the web traffic data of 20 top cryptocurrency exchanges for the month.

According to the report, Kucoin experienced web traffic of 1.7 million in the month however, that figure represented a significant reduction in its web traffic when compared with the previous month, September.

The report revealed the exchange experienced a 45% loss in web traffic in the month of October. The likely reason was the attack which occurred on the exchange in late September, which saw the exchange halt significant operations. The hackers were able to withdraw huge some of funds running in hundreds of millions of dollars in several cryptocurrencies such as Bitcoin, Stellar and multiple ERC-20 tokens

Immediately the news of the security breach broke out, industry participants rally round support the thwarting of the hackers plan by freezing stolen cryptocurrency, upgrading contracts to render the some of the stolen funds useless etc. 

With this measures, the CEO of Kucoin Johnny Lyu has revealed the exchange has been able to recover the 84% of the stolen funds and will published the case when it is closed as directed by law enforcement. Johnny Lyu also revealed the exchange has resumed full service for the 176 tokens affected and all others are scheduled to be reopened before September, 22nd.

In a tweet published hours ago, the CEO of Kucoin, said he was glad that the incident was dealth with in an open and transparent manner, always putting users first and it Kucoin looks forward to continue to safeguard users funds and bring more crypto hidden gems to the world as it always does.

Other than Kucoin, the report also revealed Uniswap saw a drop in web traffic of 25%, ZB.com  experienced a 32% drop in web traffic  while Huobi had a one-fifth decline in web traffic in the month of October, 2020.