Today, the Twitter account of the cryptocurrency exchange KuCoin was hacked, causing various damages. The account was recovered approximately 1 hour later, but this incident resulted in the execution of fake activities and caused many users to experience asset losses.
After regaining access to our Twitter account, KuCoin issued a statement.
The statement declared that ‘KuCoin will fully reimburse all verified asset losses caused by the social media breach and fake activities’. The exchange identified 22 transactions that engaged with fake tweets, and these transactions caused a total loss of $22,638.
“To prevent further harm to our users, we are currently reviewing and blocking suspicious addresses.”KuCoin
A comprehensive investigation into the incident is being conducted in collaboration with the Twitter team.
Furthermore, the exchange stated that despite the Twitter account being hacked, the assets on the exchange are safe. KuCoin also mentioned that it is conducting a thorough investigation with Twitter regarding the incident to prevent similar occurrences in the future.
The hacking of KuCoin’s Twitter account has become a common problem for cryptocurrency exchanges. Recently, many cryptocurrency exchanges have been subjected to similar attacks. Therefore, experts frequently emphasize that cryptocurrency exchanges need to tighten their security measures and take more precautions against such attacks.
In conclusion, KuCoin’s quick recovery of its Twitter account and its announcement of reimbursing users who experienced losses prevented a panic from occurring.