- The handle @kucoincom suffered a security breach for about 45 minutes
- KuCoin promised to reimburse all the losses
KuCoin, the fourth-biggest crypto exchange worldwide, was targeted by malicious entities on Twitter. Their social media account was hijacked early this morning to promote a scam scheme, leading to some crypto asset losses, which the exchange promises to reimburse.
Security breach lasted just 45 min
KuCoin announced that their Twitter account with the handle @kucoincom suffered a security breach for about 45 minutes, starting around midnight. They tweeted:
Please note that only KuCoin's Twitter account was compromised in this incident. We acted immediately to retrieve control of the account from official Twitter support after the incident occurred. We want to reassure you that your assets on KuCoin are secure.
KuCoin may have moved swiftly to regain control of their account, but by then, the entities had already stolen a number of KuCoin users’ assets. This happened through a scam they posted on KuCoin’s account while the hijack lasted.
Exchange identified two dozen malicious transactions
KuCoin identified 22 transactions linked to the incident, the total value of which was just over $22,600 in USDT. They included ether to bitcoin transfers.
KuCoin promised to reimburse all the losses as well as take measures to secure its social media accounts to protect from such incidences in the future.
The exchange also urges users to watch for suspicious links that imitate the kucoin.com domain.
About KuCoin
KuCoin was launched in September 2017 and is based in Seychelles. It supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. The platform also offers its own cryptocurrency, called KuCoin Shares (KCS), which users can hold to receive a portion of the trading fees generated by the exchange.
KuCoin has become popular among traders due to its low trading fees and its user-friendly interface. The platform also offers a mobile app for both iOS and Android devices.
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