KuCoin has declared that it would completely compensate all verified asset losses incurred as a result of the promotional giveaway scam.
KuCoin’s official Twitter account was hacked recently, causing users to lose their funds in a fraudulent giveaway event. In response, the cryptocurrency exchange pledged to reimburse the funds lost during the incident.
KuCoin has acknowledged that on April 24 at 8:00 AM ET, their Twitter account was compromised for about an hour.
According to the exchange, the hackers posted false activities to fool KuCoin users into thinking they were taking part in a legitimate event. The exchange has acknowledged that 22 transactions were compromised and has promised to compensate the victims.
The company, therefore, advised victims to get in touch with them for support and pledged to put improved security measures in place to stop future occurrences of the same kind of thing.
KuCoin added that it is working with Twitter to perform more investigations into the event.
A community member who identified themselves as a victim claimed to have been the first to participate in the bogus activity.
The exchange runs similar tactics to the attackers’ tweet, claims the KuCoin user. The ability of the exchange to respond to the attack so fast was praised by the Twitter users.
One of the go-to tactics for hackers in the space is to take over exchanges’ official Twitter accounts to advertise fraud.
The hijacked Twitter account of cryptocurrency exchange CoinDCX, which was promoting phony XRP adverts, was discovered in September 2022. On January 25, hackers commandeered the trading site Robinhood’s Twitter account and started promoting a cryptocurrency coin.
The modus operandi extends beyond cryptocurrency exchanges to other areas of Web3, such as the non-fungible token (NFT) market. On January 28, hackers gained control of NFT project Azuki’s Twitter account, causing losses of $758,000 in just 30 minutes.
It’s critical to exercise caution to protect yourself against Twitter scams. Verifying the legitimacy of social media profiles for Bitcoin exchanges and other Web3 platforms is one of the most important things to accomplish. To verify the platform’s social media accounts, look for the verification emblem or go to the platform’s official website.
It’s also crucial to be on the lookout for any shady activities on social media websites. If a deal or freebie looks too tempting to be true, it probably is. Additionally, stay away from downloading files or clicking on links from unreliable sites because they can contain malware that compromises your computer or smartphone.
Verified losses from the most recent Twitter hack will be refunded by KuCoin. The exchange promised to strengthen security procedures after discovering 22 hacked transactions. Verify the integrity of social media profiles for Bitcoin exchanges and other Web3 platforms to avoid Twitter fraud. Go to the platform’s official website or look for the verification emblem.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.
Crypto Gambling is not available at your location.
For US visitors, we recommend playing at Stake.us Social Casino instead.