Recent reports have revealed that the official Twitter account of the KuCoin cryptocurrency exchange was breached, which resulted in significant losses for its customers on the platform.
KuCoin recently reported that their account was compromised for approximately 45 minutes starting at 00:00 on April 24th, according to a post they made. During this time, a fake activity was posted, unfortunately resulting in some users losing their assets.
KuCoin has taken responsibility for the breach and has committed to fully reimbursing all verified losses incurred due to the fraudulent activity on social media.
KuCoin has clarified that the recent incident only involved the compromise of their Twitter account. In response, the KuCoin team took swift action and promptly sought assistance from official Twitter support to regain control of the account. Importantly, the company has assured its users that their assets were not compromised during this malicious activity and are still secure.
The company identified 22 transactions related to fraudulent activity, which involved Ethereum (ETH) and Bitcoin (BTC). The company is currently investigating and blocking any suspicious addresses to protect its users from further harm. As per a tweet by PeckShieldAlert, the scammers could grab 8.7 ETH ($16K) and 0.235 BTC ($6.5K).
KuCoin has affirmed its commitment to enhancing the security of its social media accounts by implementing additional measures. The exchange is also conducting a comprehensive investigation in collaboration with Twitter to prevent a recurrence of the recent attack.
While it has been confirmed that the exchange platform was not breached, the takeover of the KuCoin Twitter handle may have been an inside job. However, an official statement has yet to be released to confirm or deny this theory as of the time of writing.
