KuCoin Twitter Account Hijacked, Scam Scheme Promoted
KuCoin, the world’s fourth-largest crypto exchange and bitcoin (BTC) trading venue, has been targeted by bad actors via its Twitter account. The exchange announced that its Twitter handle suffered a security breach for roughly 45 minutes on April 24, starting at 00:00.
Swift Action Taken, but Damage Done
The exchange claims it acted swiftly to regain control of its @kucoincom Twitter handle. However, the bad actors were able to steal the assets of several KuCoin users through a scam activity posted on the platform during the hijack. KuCoin has identified 22 transactions associated with the Twitter breach, including ETH/BTC transfers with a total value of 22,628 USDT.
KuCoin Promises Reimbursements for Affected Users
KuCoin has vowed to fully reimburse affected victims, while also taking appropriate steps to fortify its social media accounts to guard against such ugly occurrences going forward. The exchange has now investigated the incident and urged its users to avoid clicking on suspicious links that impersonate the kucoin.com domain.
KCS Token Price Update
At the time of writing, KuCoin’s native KCS token is exchanging hands for $8.05, representing a 1.2% decrease in the last 24 hours. This news highlights the importance of robust security measures for both exchanges and users in the ever-evolving world of cryptocurrencies.
Conclusion: Strengthening Security Measures Crucial for Crypto Industry
The KuCoin Twitter hack serves as a stark reminder of the importance of stringent security measures in the cryptocurrency industry. Exchanges and users alike must remain vigilant and prioritize the protection of their accounts and assets. The swift response by KuCoin in regaining control of its Twitter account and promising reimbursements for affected users showcases a commitment to customer support. However, it is crucial for all stakeholders in the crypto space to continuously assess and enhance their security protocols to prevent such incidents from occurring in the future.