KuCoin’s Twitter account was compromised and although it was for a short period, it resulted in the loss of funds worth over 22,000 USDT by users of the platform.

However, the company was able to sort itself out and recovered the account, it also promised to refund users who were affected by the hack.

• KuCoin revealed that its Twitter account was controlled by hackers for 45 minutes, which they used to promote a fake activity on Monday, April 24. Although the incident was brief, the crypto exchange said that 22 transactions in connection with the fraudulent activity were identified, which included BTC and ETH, with the total losses amounting to 22,628 USDT.
• The company has since recovered its Twitter account and made it known that it was the account was the only channel affected, which implied that other social media accounts and the website are safe.
• Due to this incident, KuCoin has promised to refund users who were affected while blocking suspicious addresses and carrying out investigations. The company also mentioned that it would improve its security measures to avoid a future re-occurrence.
• However, recent development continues to show how hackers make use of prominent Twitter accounts to lure people, post fake giveaways, and steal their money.
• According to a previous report by Cryptopotato, a Twitter account belonging to Circle’s Chief Strategy Officer Dante Disparte was hijacked by hackers, who used it to promote a fake USDC airdrop. News24’s Twitter handle was also taken over by rogue actors to push an XRP airdrop.
• Crypto holders are advised to carry out due diligence before opening suspicious links that are set up to impersonate the real ones and also avoid sending tokens to anyone promising to multiply returns.

Image Source: Twitter

Featured Image Source: Experian