Any exchange getting hacked in going to make problems so far as reputation is concerned. It was only Binance that I can think of that managed to cover losses from that their users would face after that hack happened and they covered losses with their own funds. Not all exchanges are in a position to do that.
The reputation and customer confidence in Kucoin will have dropped a lot no doubt.
The reputation and customer confidence in Kucoin will have dropped a lot no doubt.
Although they claimed the funds were insured but till now there is no progress made into this direction. The effected projects are doing this job to make sure to return the funds to the exchange wallet. I also think this will damage the reputation of Kucoin in future.
Back then, Binance was able to quickly recover the losses that occurred due to hack I think that's the reason their reputation was intact. I think It will all depend on how quickly KuCoin will act to reimburse the users who lost $$ during the Kucoin hack.
They guarantee that they will reimburse the hack funds, did we see any problem already regarding their promise, do people complain about their funds not reimbursed by Kucoin? If they won't reimburse, that, we can say that it will affect their reputation which I doubt they'll allow that to happen.
They are definitely going to reimburse, but they need to do that quickly to save their reputation in the crypto industry because you know the more time they take the more time FUDDERS will have to spread FUD (IMO). I have seen so many exchanges got shut down after they suffered a hack hopefully the same will not happen to KuCoin.
