KuCoin, a popular cryptocurrency exchange, experienced a security breach on April 23 when its official Twitter account was compromised for approximately 45 minutes. The hackers posted fake activity on the platform, leading to asset losses for several users. KuCoin said it has identified 22 transactions involving ETH and BTC associated with the false activity, totaling 22,628 USDT in value.
Updating on the issue, the company posted on Twitter:
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
KuCoin has also assured users that it would fully reimburse all verified asset losses resulting from the social media breach. Also, its team acted swiftly to regain control of the Twitter account with the help of Twitter Support.
Notably, the company has emphasized that only its Twitter account was affected during this incident and that users’ assets on the KuCoin platform remain secure. To prevent further damage, the exchange said it is currently examining and blocking suspicious addresses related to the fake activity.
In an effort to strengthen the security of its social media accounts, KuCoin would implement additional protective measures beyond Twitter’s existing two-factor authentication (2FA). The company is also working closely with Twitter to conduct a comprehensive investigation of the incident, aiming to prevent similar security breaches in the future.
KuCoin would keep its users updated on the progress of the investigation and has urged them to exercise caution when accessing links that appear to impersonate the kucoin.com domain. The exchange also promised that it is committed to safeguarding its users and their assets and has expressed gratitude for the continued support from the community.
