KuCoin’s Twitter Account Hack Led to Asset Losses Worth Over $22,000

KuCoin’s Twitter account was briefly compromised, causing the platform’s users to lose over 22,000 USDT to hackers through fake activity.

The crypto exchange was able to recover its account and promised to reimburse affected users.

• KuCoin revealed that hackers took over its Twitter account for 45 minutes to promote a fake activity on Monday, April 24. While the incident was brief, the company said that it identified 22 transactions in connection with the fraudulent activity, including ETH and BTC, with the value of the losses totaling 22,628 USDT.
• The crypto exchange has since recovered its Twitter account but stressed that it was the only channel that was affected, implying that the website and other social media accounts were safe.
• Following the incident, KuCoin promised to reimburse affected users while it is carrying out investigations and blocking suspicious addresses. The platform also said it would boost 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 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.

— 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’s Chief Strategy Officer Dante Disparte, to promote a fake USDC airdrop. Rogue actors also took over News24’s Twitter handle to push an XRP airdrop. Robinhood was another victim, which saw its Twitter account being used to announce a token purportedly created by the platform.
• Crypto holders are advised not to send tokens to anyone promising to multiply returns and should also carry out due diligence to avoid opening suspicious links trying to impersonate the real ones.