On April 24, KuCoin, a cryptocurrency exchange, reported that its Twitter account had been compromised for approximately 45 minutes.
During the breach, a malicious post was published, offering a giveaway with a link to a phishing site. The exchange discovered that 22 users lost funds after interacting with the phishing site, resulting in a total loss of 22,628 Tether (USDT).
KuCoin promised to reimburse all verified asset losses caused by the social media breach and the fake activity. KuCoin assured its users that all funds on the exchange were safe and that the hack was limited to the social media account.
In response to the hack, KuCoin has launched an investigation and is blocking suspicious addresses. Additionally, the exchange intends to implement additional security measures on all its social media accounts.
Hacking official Twitter accounts to promote fake giveaways and airdrops have become more and more common over the past few years.
