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Cryptogambling / KuCoin Takes Responsibility for Twitter Account Hack

KuCoin Takes Responsibility for Twitter Account Hack

Publish Date: 25/04/2023

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
2023-04-24 03:11
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.
1575 238

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.

Twitter Scam, The New Type of Scam

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.

Key Takeaway

  • KuCoin will compensate verified asset losses from the recent fraudulent giveaway scam on their hacked Twitter account.
  • The exchange identified 22 compromised transactions and pledged to reimburse the victims.
  • Hackers posted fake activities on KuCoin’s Twitter to trick users into participating in a fraudulent event.

How to Avoid Twitter Scams

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.

Signing Out

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.

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