The post KuCoin’s Twitter Account Briefly Hacked Leading to Loss of $22,628 Via Fake Activities appeared first on Coinpedia Fintech News
KuCoin, a Singapore-based centralized exchange with more than 27 million global users, reported its official Twitter account @Kucoincom was briefly compromised for about 45 mins from 00:00 Apr 24 (UTC+2).
During this period, KuCoin noted that the perpetrators posted fake promotional activities that resulted in asset losses to several users. Reportedly, about 22 transactions involving Bitcoin and Ethereum were identified with KuCoin’s fake Twitter activity. As a result, digital assets amounting to about $22,628 were lost to the attackers.
Meanwhile, KuCoin has promised to reimburse all the affected and verified customers. Notably, KuCoin’s official Twitter account has about 2.4 million followers, thus making its hack a significant threat to crypto users. The cryptocurrency exchange regained control of its social media account through the help of Twitter’s support team.
To prevent such incidents in the future, KuCoin announced it has implemented several other security measures in addition to 2FA.
“In addition to Twitter’s existing 2FA, the KuCoin team will implement additional security measures to fortify the protection of our social media accounts. We are also conducting a thorough investigation of the incident with Twitter to prevent similar occurrences in the future,” the company noted.
KuCoin is Safe
As the third largest centralized cryptocurrency exchange by daily traded volume, KuCoin is always under threats of black hat hackers seeking to compromise blockchain bridges. The company advised its customer to counter-check the website’s domain to avoid phishing links designed to confuse users and steal their assets.
The exchange takes pride in about $2.9 billion of reserves that are publicly available for review. Notably, the exchange reported a 24-hour trading volume of approximately $2 billion from more than 750 listed crypto tokens.
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