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KuCoin Vows to Reimburse Losses
The official Twitter account of the crypto exchange Kucoin was hacked and compromised for about 45 minutes around 00:00 UTC on April 24. The Kucoin team warned users not to interact with or send funds to the tweeted scam site.
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
In a malicious post, the hacker linked to a phishing site using KuCoin's official Twitter account. As a result, according to the exchange, KuCoin users lost 22,628 Tether (USDT) in 22 transactions. Recently, scammers received 4.21 Ethereum at this address.
In response to the social media breach and fake activity, the exchange promised to fully reimburse all verified asset losses. Moreover, KuCoin assured users that all funds on the exchange were safe, as the hack was limited to the social media account.
To strengthen the security of its social media accounts, the KuCoin team promised to implement additional security measures in addition to Twitter's existing 2FA.
Prior to this breach, Kucoin had suffered a loss of $289 million due to a hack in September 2020. In February 2021, Kucoin worked with other exchanges and project partners to recover most of the stolen funds, according to the CEO. It is reported that Kucoin recovered $ 222 million, equivalent to 78% of the assets the hacker stole.
Interestingly, KuCoin announced in January 2023 that it was launching a new suite of anti-fraud solutions. Among the features of this new product are an innovative anti-phishing verification, a business wallet address verification, and an official contact verification. These features can be used in combination to detect, reduce, and eliminate online risks.
In addition to the recent woes, Letitia James, New York State Attorney General, accused Kucoin of being an unregistered commodity and securities exchange last month.
KuCoin's native token, KCS, has fallen 2% since the hack was reported, trading at $8 at the time of writing.
What is KuCoin:
KuCoin is a cryptocurrency exchange that allows you to buy, sell, and trade popular cryptocurrencies like Bitcoin, Ethereum, and more than 700 altcoins. The KuCoin platform has around 27 million regular users in over 207 countries. It has a daily trading volume of around 800 Million USD and is currently a top-five crypto exchange.
Where to find KuCoin:
Website | Twitter | Medium | Github |