KuCoin’s swift action: Victims of Twitter account hack to receive full reimbursement

KuCoin to Fully Reimburse Users After Fake Giveaway Event

The official Twitter account of the cryptocurrency exchange KuCoin was hacked, leading to users losing their assets to a fake giveaway promotion. KuCoin has announced that it will fully reimburse all verified asset losses caused by the incident.

KuCoin confirmed that its Twitter account was compromised for nearly an hour on April 24 at 8 AM ET. The attackers posted a fake activity to attract KuCoin users into participating in an official event, resulting in 22 identified transactions being involved. The exchange promised to reimburse the affected victims and urged them to contact the company for assistance. The exchange has also promised to implement better security measures to prevent similar incidents from occurring again in the future.

The community member who claimed to be a victim of the fake activity noted that the exchange often runs similar campaigns to the tweet posted by the attackers. The user appreciated the exchange’s quick response to the attack. The company is collaborating with Twitter to investigate the incident further.

Hackers’ Strategies to Promote Scams in the Crypto Space

Hackers taking over official Twitter accounts of cryptocurrency exchanges to promote scams is becoming a go-to strategy for hackers. In September 2022, CoinDCX’s Twitter account was compromised, and fake XRP advertisements were seen. On Jan. 25, hackers took over the Twitter account of Robinhood, a trading platform, and promoted a crypto token. The modus operandi also extends to other parts of Web3, such as the nonfungible token (NFT) space. On Jan. 28, hackers took over NFT project Azuki’s Twitter account, resulting in $758,000 losses in just 30 minutes.

It’s critical for users to remain vigilant while interacting with social media platforms and websites. To safeguard against such scams, it’s recommended to verify the authenticity of promotions and giveaways through official websites and social media accounts. It’s also important to stay updated with the latest cybersecurity threats and implement strong security measures.