The official Twitter account of the KuCoin exchange experienced a malicious breach for approximately 45 minutes in the early hours of April 24, resulting in users losing $22,628.
However, the platform has said that it will implement stronger security features and reimburse affected users.
KuCoin Account Compromise and Impact on Users
KuCoin, one of the industry-leading crypto exchangeannounced via a Twitter thread that an anonymous hacker published a fake giveaway link operated by a phishing website to trick its users into thinking they are competing for an official bonus program.
However, this was not the case, as it caused damage crypto assets and wealth.
crypto exchange 22 transactions tracked Where users have lost a total of $22,628 USDT, and staking victims must assist in providing proof of loss of funds to help seamlessly reimburse lost funds.
KuCoin also guaranteed global customers that the hack was limited to its Twitter account and that funds and assets on the exchange were safe.
Twitter Account Compromise News Between Exchanges, Its Native Token, $KCS, Is Down 1.07% in last 24 hours and is trading slightly above the $8 price mark.
To prevent a recurrence, KuCoin pledges to incorporate improved security on all social accounts, which already employ two-factor authentication, and cooperates with Twitter in further investigating how the incident occurred. .
The exchange claims to conduct further investigations and block suspicious addresses.
Several Twitter users have claimed to be victims, including “@eth_memobook”.
The Twitter user claimed that the anonymous malicious link was designed to impersonate campaigns similar to KuCoin and appreciated that the exchange quickly addressed the issue.
Hacking of official Twitter accounts to promote scams like fake gifts, airdrops and phishing has skyrocketed recently.
In September 2022, the official Twitter account of crypto exchange CoinDCX was hacked and used to promote fake Ripple ($XRP) Advertisement.
Subsequently, the Twitter account of the Robinhood trading platform was hacked to promote the fake token.
The most recent Twitter account hack in the crypto space happened to Dante Disparte, Circle’s chief strategy officer and head of global policy.
His account was hacked last March and was used to promote fake USDC airdrops to lure community members.
Apart from the crypto sphere, Twitter hacking has extended to other parts of the Web3 sphere such as the non-fungible token (NFT) space.
On January 28, anonymous hackers compromised the Twitter account of the famous NFT project Azuki, resulting in a loss of $758,000 in just 30 minutes.
KuCoin biggest cyber attack: Doubts grow over the exchange’s inability to protect users
KuCoin may embed seamless trading features and low fees to navigate the crypto market but is the platform trustworthy?
Given KuCoin’s poor security history, there may not be as straight an answer as we’d like.
On September 2022, KuCoin experienced the fourth largest cyber attack ever, resulting in a breach of $280 million worth of digital assets.
Although the company’s response was swift and efficient, as it 84% recovered (or $235 million) in stolen assets, users remain unenthusiastic about the overall security of the trading exchange.
KuCoin is speculated to be hacked frequently because KuCoin has not yet been licensed to operate in the United States due to lack of regulations by any government body.
This means that if an unfortunate event occurs that results in a cyber hackThe US government cannot guarantee that its citizens will be compensated.
Crypto enthusiasts believe that until KuCoin finds a permanent solution to its general security vulnerability, it will continue to be a target for hackers globally.
