KuCoin's Bold Move: Reimbursing Victims of Twitter Hack
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KuCoin's Bold Move: Reimbursing Victims of Twitter Hack

written by John Murphy | April 25, 2023

According to recent news, the Crypto exchange announced the compromised official Twitter account of the Crypto exchange KuCoin. This leads users to fake giveaway events to lose their funds. The Crypto Platform pledged to compromise the lost funds from the incident.

Key Takeaways:

  • KuCoin’s Twitter account was hacked, and fake news was posted to lure users into a scam giveaway event.
  • KuCoin acknowledged 22 compromised transactions and promised to reimburse victims.
  • KuCoin is partnering with Twitter to investigate and improve security measures.
  • Other exchanges have also been targeted with similar Twitter hack scams.
  • NFT projects have also been targeted, resulting in significant losses.

On 24 April, 8:00 AM ET, Q Coin confirmed in an announcement that its Twitter account was compromised for almost an hour. According to the exchange, the attackers posted fake news on the Twitter account of KuCoin to seduce its users.

So that they think that they are taking part in an official event. The exchange recognized 22 transactions involved in the incident. Moreover, it promised to compromise with the victims.

World Finance News took to Twitter and made an announcement that KuCoin promised to compromise the victims of the Short-lived Twitter account hack.

Moreover, the company insists victims contact them for help. The company promised to prevent such incidents by providing better security measures. The company also highlighted that it is partnering with Twitter to further investigate this incident.

One community member who declared himself a victim stated that they initiated joining the fake activity. The exchange made similar campaigns to the tweets posted by the attackers, according to KuCoin users.

Additionally, the users of Twitter claimed that the exchange responds so quickly to attacks, which is a very good thing.

Bitly Fool.com took to Twitter and announced that the crypto exchange named KuCoin declared to Twitter that it would compromise all the verified losses in the fake giveaway promotion event.

let’s see similar hacking incidents. One of the go-to strategies for hackers in the space is to take over official Twitter accounts of exchanges to promote scams. The Twitter account of the crypto exchange CoinDCX compromised in September 2022.

This account promotes the fake XRP advertisement. Hackers acquired Robinhood’s Twitter trading platform account and promoted crypto tokens on 25 January.

Blockchain Italia took to Twitter and made an announcement about the fake post on Twitter which led to asset losses for many Twitter users. So, the crypto exchange pledged to compromise these losses resulting from the fake activity and social media breaches.

The modus operandi crypto exchange also enlarges to other WEB3 parts like nonfungible tokens (NFT) space. The hackers took over the NFT project Azuki’s Twitter on 28 January. This results in a loss of $758,000 in thirty seconds.