KuCoin’s Twitter account was hacked, and the exchange promises to reimburse victims. The malicious breach lasted approximately 45 minutes in the early hours of April 24, causing victims to lose $22,628.
Keynotes
- KuCoin’s official Twitter account was compromised for roughly 45 minutes.
- Users lost $22,600 while connecting with a fraudulent post proposing a false giveaway during the time of the incident.
KuCoin, a renowned cryptocurrency exchange, claimed in a Twitter thread that an unknown hacker provided a false giveaway link, supported by a phishing website, to trick customers into thinking they were taking part in a legitimate bonus event.
This breach occurred in the early hours of April 24 and lasted approximately 45 minutes. The exchange discovered 22 transactions in which individuals lost funds after visiting the phishing site. According to the tweet, KuCoin users lost a total of 22,628 Tether (USDT).
The exchange has stated that it will “fully reimburse all verified asset losses caused by the social media breach and fake activity.” KuCoin also reassured users that the theft had been limited to the social media account and that all funds on the exchange were secure.
KuCoin is investigating and blocking fraudulent addresses to keep more users safe, according to the company. In addition, the exchange has initiated an investigation into the Twitter hack.
The current theft has also prompted KuCoin to improve the security of its social media accounts. KuCoin stated that it will increase safety on all its social media profiles, including its Twitter account, which currently uses two-factor verification.
Hacking official Twitter accounts to advertise phony giveaways and airdrops have grown increasingly popular in recent years.
In September 2022, the official Twitter account of crypto exchange CoinDCX was hacked and used to push fake Ripple ($XRP) promotions.
This was followed by a hack of the Robinhood trading platform’s Twitter account to promote a bogus coin.
Dante Disparte, Circle’s chief strategy officer and head of global policy, was the most recent cryptocurrency Twitter account hack victim.
His account was hacked in March of this year and was used to promote a bogus USDC airdrop in order to entice community members.
KuCoin may provide frictionless trading capabilities and inexpensive fees to help you navigate the crypto market, but is the platform safe, considering its poor security track record?
Given the current state of the crypto ecosystem, KuCoin will continue to be a target for hackers worldwide until it finds a permanent solution to its common security issue.
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