Over $22,000 worth of assets were lost due to KuCoin’s Twitter account hack

KuCoin was victimized by a Twitter hack, which resulted in over 22,000 USDT worth of assets being lost.

Affected users will be reimbursed by the crypto exchange after their accounts were recovered.

• KuCoin revealed on Monday, April 24, that hackers took over its Twitter account for 45 minutes in order to promote a fake activity. Despite the short duration of the incident, the company reported 22 transactions involving fraudulent activity, including ETH and BTC, with losses reaching 22,628 USDT.

• After recovering its Twitter account, the crypto exchange stressed that it was the only account affected, implying that the website and other social media accounts were not affected.

• KuCoin offered to refund affected users while researching and blocking suspect addresses following the event. Additionally, the platform said it would strengthen security to prevent future incidents.

• Meanwhile, the current development demonstrates how hackers continue to use prominent Twitter accounts to post fraudulent freebies in order to steal money from consumers.

• As previously reported, hackers hacked Circle’s Chief Strategy Officer Dante Disparte’s Twitter account to promote a bogus USDC airdrop. Rogue actors also hijacked News24’s Twitter account to promote an XRP airdrop. Another victim was Robinhood, which saw its Twitter account exploited to announce a coin reportedly produced by the platform.

• Crypto holders are warned not to give tokens to anyone offering to multiply returns and to exercise caution when opening malicious links attempting to spoof legitimate ones.

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