KuCoin Has Regained Control Of The Twitter Account After The Hack

Earlier today, KuCoin stated in a Telegram announcement that its official Twitter account was hacked, reminding users not to click on suspicious links.

5/ In addition to Twitter’s existing 2FA, the KuCoin team will implement additional security measures to fortify the protection of our social media accounts. We are also conducting a thorough investigation of the incident with Twitter to prevent similar occurrences in the future.

— KUCOIN (@kucoincom) April 24, 2023

KuCoin’s Twitter handle was hacked for roughly 45 minutes starting at 00:00 on April 24 (UTC+2). A counterfeit activity was uploaded, resulting in asset losses for multiple people. The exchange said that it would completely refund any confirmed asset losses caused by the social network breach and counterfeit behavior.

According to the exchange, just the exchange’s Twitter account was hijacked in this instance. After the event, the team proceeded quickly to reclaim control of the account from official Twitter support. According to the notification, the assets on the exchange are safe.

Moreover, KuCoin has detected 22 transactions, ETH/BTC, related to the counterfeit activity, totaling 22,628 USDT. To keep more people safe, the team is actively investigating and banning suspicious IP addresses.

In addition to Twitter’s current 2FA, the KuCoin team will take additional security measures to strengthen the safety of their social media accounts in the future to avoid such instances.

Earlier, the exchange reported a cyberattack in September 2020 that resulted in a loss of up to $289 million. According to the CEO, in February 2021. The KuCoin team worked with other market exchanges and project partners to retrieve the majority of the stolen cash. The exchange recovered $222 million, or 78% of the funds stolen during the incident.

KuCoin is the focus of a legal dispute with New York authorities. This is also the first time that the state government has designated Ethereum to be a security.

The exchange’s KCS token is currently trading at $8.

KCS token price chart. Source: TradingView

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source