KuCoin’s Twitter account was briefly compromised, resulting in platform users losing over $22,000 USDT to hackers through bogus activity.
The cryptocurrency exchange was able to recover its account and promised to refund the affected users.
KuCoin revealed that hackers took over his Twitter account for 45 minutes to promote fake activity on Monday, April 24. While the incident was brief, the company said it identified 22 transactions related to the fraudulent activity, including ETH and BTC, with the value of losses totaling 22,628 USDT. The cryptocurrency exchange has since recovered its Twitter account, but stressed that it was the only channel affected, implying that the website and other social media accounts were safe. Following the incident, KuCoin promised to refund affected users while conducting investigations and blocking suspicious addresses. The platform also said that it would improve security to prevent a similar incident in the future.
5/ In addition to Twitter’s existing 2FA, the KuCoin team will implement additional security measures to strengthen the protection of our social media accounts. We are also conducting a thorough investigation of the incident with Twitter to prevent something similar from happening in the future.
—KUCOIN (@kucoincom) April 24, 2023
Meanwhile, the latest development shows how hackers continue to use prominent Twitter accounts to post fake giveaways to steal people’s money. As previously reported by CryptoPotato, hackers hijacked a Twitter account belonging to Circle chief strategy officer Dante Disparte to promote a fake USDC airdrop. Rogue actors also took over Twitter from News24 to push for an XRP airdrop. Robinhood was another victim, who saw his Twitter account used to advertise a token allegedly created by the platform. Cryptocurrency holders are advised not to send tokens to anyone that promises to multiply returns and should also carry out due diligence to avoid opening suspicious links that try to impersonate the real ones.
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This post KuCoin Twitter account hack led to over $22,000 worth of asset losses
was published first on https://cryptopotato.com/kucoins-twitter-account-hack-led-to-asset-losses-worth-over-22000/