CZ Clears Binance of Terraport Hack, Funds Traced to MEXC and KuCoin

• Stolen funds were not deposited into Binance but were found in MEXC and KuCoin.
• Johnny KuCoin reassures users and commits to maintaining high security.
• Terraport Finance investigates the incident and are taking measures to secure the protocol.

Following a thorough review of the transactions related to the recent hack, it has been discovered that none of the stolen funds were deposited into Binance. However, CZ Changpeng Zhao said on Twitter that it had been found that a portion of the hacked funds was deposited into MEXC and KuCoin.

Unfortunately, based on the reports, this news leaves the team with limited options for recovering their losses. In contrast, Johnny KuCoin, the CEO of KuCoin, took to Twitter to reassure users that his team has been actively taking steps to safeguard their accounts. 

He further emphasized that the team remains vigilant and committed to maintaining a high level of security. This is to prevent similar incidents from occurring in the future. This report comes after a Twitter enthusiast called Rajia Bibi contacted Binance’s CEO CZ shortly after the attack. Based on the reports, the enthusiast demanded that the exchange’s staff freeze the assets looted from Terraport.

Terraport Finance suffers $2M hack attack

The user also brought MEXC Global, a cryptocurrency exchange, to notice, requesting it to take the same measures. According to reports, the hack resulted in the theft of over $2 million of digital assets occurred on Terraport Finance. The exploit is believed to have targeted the Terraport Finance liquidity wallet. 

Despite this, the project gave an official announcement via Twitter on April 10. It says that the Terraport team is actively investigating the incident and taking measures to secure the protocol. Moreover, the tweet appreciated the understanding of its large community and indicated that an official press release is yet to be released soon.