3 - 5 minute read
The official Twitter account of the cryptocurrency exchange KuCoin was hacked on April 24, 2023, leading to several users losing their funds to a fake giveaway event. The exchange has promised to reimburse the verified asset losses caused by the social media breach and the fake activity. The incident occurred for about 45 minutes from 00:00 Apr 24 (UTC+2), during which the hackers posted a fake activity to lure KuCoin users into thinking that they were participating in an official event. According to the exchange, 22 transactions were involved in the incident, and the company has pledged to reimburse the victims.
KuCoin has urged the victims to contact them for assistance and promised to implement better security measures to prevent similar incidents in the future. The exchange is also collaborating with Twitter to conduct further investigations into the incident. One community member, who claimed to be a victim, said that they were the first to join the fake activity. According to the user, the exchange makes similar campaigns to the tweet posted by the attackers. The user also appreciated the exchange’s quick response to the attack.
Taking over exchanges’ official Twitter accounts to promote scams is becoming one of the go-to strategies for hackers in the cryptocurrency space. In September 2022, crypto exchange CoinDCX’s Twitter account was compromised and was seen promoting fake XRP advertisements. On Jan. 25, hackers took over the Twitter account of the trading platform Robinhood and promoted a crypto token. Apart from crypto exchanges, the modus operandi also extends to other parts of Web3, such as the non-fungible token (NFT) space. On Jan. 28, NFT project Azuki’s Twitter account was taken over by hackers, resulting in losses of $758,000 in just 30 minutes.
1/ The @kucoincom handle was compromised for about 45 mins from 00:00 Apr 24 (UTC+2). A fake activity was posted and unfortunately led to asset losses for several users. KuCoin will fully reimburse all verified asset losses caused by the social media breach and the fake activity.
— KUCOIN (@kucoincom) April 24, 2023
The incident with KuCoin highlights the need for better security measures and precautions for cryptocurrency exchanges. The cryptocurrency industry has faced several security breaches and hacking incidents in recent years, leading to significant losses for investors and traders. The incident also highlights the importance of verifying the authenticity of social media posts and promotions before taking any action.
As traders, it is essential to stay informed about such incidents and take necessary precautions to secure our funds. It is advisable to use reliable and secure exchanges that have implemented robust security measures to prevent hacking incidents. Traders should also verify the authenticity of social media posts and promotions before participating in any giveaway or event.
The incident with KuCoin highlights the need for better security measures and precautions in the cryptocurrency industry. Traders should stay informed and take necessary precautions to secure their funds. The incident also highlights the importance of verifying the authenticity of social media posts and promotions before taking any action.
The Bottom Line
The recent hacking incident with KuCoin highlights the need for better security measures and precautions in the cryptocurrency industry. Traders should use reliable and secure exchanges that have implemented robust security measures to prevent hacking incidents. It is also important to verify the authenticity of social media posts and promotions before participating in any event or giveaway.
