Kucoin Exchange Twitter Account Hacked, Exchange Pledges to Reimburse Affected Users – Here's the Latest
The official Twitter account of the KuCoin exchange experienced a malicious breach for about 45 minutes in the early hours of April 24, which resulted in users' loss of $22,628.
However, the platform has stated that it will implement stronger security features and reimburse affected users.
KuCoin, one of the industry-leading crypto exchanges, announced via a Twitter thread that an anonymous hacker published a fake giveaway link powered by a phishing website to lure its users into thinking they were competing for an official bonus event.
However, this wasn't the case, as it led to the loss of crypto assets and funds.
The crypto exchange tracked 22 transactions where users lost a total of $22,628 USDT, and pledged victims should assist in providing proof of loss of funds to help in the seamless reimbursement of lost funds.
KuCoin also guaranteed global customers that the hack was limited to its Twitter account and that funds and assets in the exchange were safe.
Amid the exchange Twitter account compromise news, its native token, $KCS, is down to 1.07% in the last 24 hours and trades slightly above the $8 price mark.
To prevent a reoccurrence, KuCoin pledges to incorporate better security on all social accounts, which already employ two-factor authentication, and collaborate with Twitter in conducting further investigations into how the incident took place.
The exchange asserts to examine further and block suspicious addresses.
Several Twitter users, including "@eth_memobook," have claimed to be victims.
The Twitter user claims that the anonymous malicious link was designed to take the form of KuCoin similar campaigns and appreciated that the exchange quickly addressed the issue.
Hacking official Twitter accounts to promote
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