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KuCoin has announced that its Twitter account was hijacked by bad actors to promote a scam scheme during the early hours of April 24, resulting in crypto asset losses for users. KuCoin will fully reimburse affected users.
KuCoin, the world’s fourth-largest crypto exchange and bitcoin (BTC) trading venue, has been targeted by bad actors via its Twitter.
The exchange has announced that its Twitter handle suffered a security breach for roughly 45 minutes on April 24, from 00:00.
The exchange claims it acted swiftly to regain control of its @kucoincom Twitter handle. However, the bad actors were able to steal the assets of several KuCoin users through a scam activity posted on the platform during the hijack.
KuCoin has identified 22 transactions associated with the Twitter breach including ETH/BTC transfers with a total value of 22,628 USDT. The exchange has vowed to fully reimburse affected victims, while also taking appropriate steps to fortify its social media accounts to guard against such ugly occurrences going forward.
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.
— KUCOIN (@kucoincom) April 24, 2023
The exchange has now investigated the incident and urged its users to avoid clicking on suspicious links that impersonate the kucoin.com domain.
At the time of writing, KuCoin’s native KCS token is exchanging hands for $8.05, representing a 1.2% decrease in the last 24 hours.