KuCoin became the latest victim of a Twitter hack, which resulted in the loss of assets worth over 22,000 USDT for its users.
KuCoin warned its followers on April 24 that the “@kucoincom” Twitter handle had been hacked for around 45 minutes. According to the exchange, “fake activity” reported on the social media account resulted in asset losses for multiple individuals.
However, the losses were small, totaling roughly $22,628 in USDT, and the exchange stated that it would compensate victims.
“KuCoin will fully reimburse all verified asset losses caused by the social media breach and the fake activity.”
The corporation stated that just its Twitter account had been hacked, and that it had rapidly regained control of it. It also discovered 22 transactions linked to the bogus activity, including ETH and BTC. The company added that they are currently examining and blocking suspicious addresses to prevent more users from being harmed.
According to the exchange, the KuCoin team will adopt extra security steps to strengthen the protection of its social media accounts. It further stated that an inquiry into the incident was underway.
Twitter Still A Hotspot for Hackers
This current incident still shows how hackers continue to utilize famous accounts to post fraudulent freebies in order to steal money from consumers.
Previously, hackers hacked Circle’s Chief Strategy Officer Dante Disparte’s Twitter account to promote a bogus USDC airdrop. Rogue actors also hijacked News24’s account to promote an XRP airdrop. Another victim was Robinhood, which saw its Twitter account exploited to announce a coin reportedly produced by the company.
Crypto holders are warned not to give tokens to anybody offering to multiply returns and to exercise caution when opening malicious links attempting to spoof legitimate ones. We also advise to be careful about unsolicited DMs promising huge monetary benefits for helping out a crypto transaction you’re not aware of. If it’s too good to be true, it probably is.