Crypto exchange’s KuCoin Twitter account hacked
On April 26 2023, a popular cryptocurrency exchange’s Twitter account was hacked and used to promote a bogus cryptocurrency giveaway. The hackers stole over $22.6K from naive individuals who fell for the ruse.
KuCoin’s social media staff was the first to notice the hack, and they swiftly removed the tweet and cautioned users not to fall for the fraud. The tweet claimed that KuCoin was giving away 5,000 Bitcoin (BTC) to celebrate its success and invited followers to participate by sending a modest amount of BTC to a certain address.
Unfortunately, several individuals fell for the fraud and paid their Bitcoin to the address specified in the tweet. Before KuCoin was able to shut down the scam, the hackers had amassed almost $22.6K.
KuCoin began an inquiry into the hack immediately and offered to collaborate with law enforcement to bring the criminals to justice. The exchange also offered to refund users who lost money as a result of the scam.
This incident emphasises the importance of enhanced caution among cryptocurrency users. Scams like this are becoming more widespread in the bitcoin field, and users should be wary of unsolicited offers or demands for payments.
KuCoin is a popular cryptocurrency exchange that has been in business since 2017. The Singapore-based exchange provides a wide selection of cryptocurrency trading pairs, as well as staking and lending services.
KuCoin has become a favourite target for hackers in recent years. The exchange was hacked in 2020, and over $280 million in cryptocurrencies was stolen. KuCoin was able to recover a significant percentage of the stolen funds and has subsequently put in place new security measures to prevent future thefts.
Despite these safeguards, the current Twitter hack demonstrates that KuCoin remains vulnerable to assault. Users have been advised to exercise caution and report any unusual behaviour to the exchange’s support team.
The KuCoin Twitter hack serves as a reminder of the significance of remaining careful when dealing with cryptocurrencies. Users should be wary of unsolicited offers and requests for payments, and should only conduct transactions with trusted exchanges and wallets. KuCoin has offered to refund users who have lost funds as a result of the attack and to continue to strengthen its security procedures in order to prevent future incidents.
Author: Priyanka Priyadarshini Behera