KuCoin’s Twitter Account Breached, Used to Push Cryptocurrency Scam
KuCoin, a popular cryptocurrency exchange, fell victim to a Twitter hack, which enabled scammers to carry out a fraudulent giveaway scheme that resulted in the theft of more than $22.6K worth of cryptocurrency.
However, KuCoin has taken full responsibility for the incident, pledging to compensate all affected users for verified losses. Additionally, KuCoin has assured its customers that their assets on the exchange remain entirely safe and secure.
KuCoin confirms 22 Bitcoin and Ethereum transactions, worth $22,600, were carried out by hackers during a 45-minute breach of its Twitter account. The scammers set up a fake giveaway campaign that looked like the exchange’s usual promotional events, leading some users to fall for it.
The website hosting the malicious giveaway claimed that even non-KuCoin users could participate by contributing any amount and earning double in return. The exchange is investigating the issue and blocking suspicious addresses to prevent further harm to users.
KuCoin urges users impacted by the recent Twitter hack to contact their support team and not respond to advice or suggestions from other sources, including Twitter’s fraudulent cryptocurrency support bots.
The exchange promises to implement new security measures to prevent such incidents from recurring and is working closely with Twitter to identify the attacker. Hackers have targeted cryptocurrency exchanges’ official Twitter accounts in the past to defraud users, as seen in the cases of Robinhood and CoinDCX.
Hackers breached KuCoin’s official Twitter account and tricked customers into participating in a false giveaway event, resulting in theft of funds on April 24. The exchange promised to compensate victims and vowed to implement improved security measures. Twitter is collaborating with the exchange to investigate the matter.