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- The compromise was limited to KuCoin’s Twitter account only.
- Short-timed hack did not result in any significant loss, except for $22,628.
- KuCoin assured to repay those who were affected after the incident.
Crypto exchange KuCoin recently reported to get its Twitter handle compromised on Monday, April 24, 2023.
The tweet containing the information about the Twitter account hack surfaced over the social media platform from the official handle of KuCoin, after it was recovered. The Twitter post noted that the official social media handle was “compromised for about 45 mins from 00:00 Apr 24 (UTC+2).”
In addition to the hack, according to KuCoin, several crypto exchange users lost their funds due to a fake activity posted from the account. The company assured the users will get complete reimbursement of their verified lost asset following the mishap with the social media account.
Further it also noted that in the wake of fake activity on the Twitter account, there were 22 transactions identified to be initiated. These ETH/BTC transactions resulted in a loss of about 22,628 USDT.
To prevent more users from being harmed, we are currently examining and blocking suspicious addresses.
KuCoin clarified about the compromise of its Twitter account only. Rest the assets over the platforms were said to be completely safe and did face any efficacies of the social media account hack. The team “acted immediately to retrieve control of the account from official Twitter support” following the incident.
In its seven tweets long Twitter thread, the crypto exchange also assured to “implement additional security measures” in order to protect social media accounts over different platforms. An investigation over the social media account hack incident was also said to be going on in order to counter any possibilities of “similar occurrences in the future.”
KuCoin is among the leading crypto exchanges taking fourth spot at the CoinMarketCap’s exchange list. The exchange is said to have 2.9 billion USD worth reserves against its assets. The last 24-hours trading volume over the platform rose to more than 11% and currently stands at more than 522 million USD.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
