The official Twitter account of cryptocurrency exchange KuCoin was recently compromised, causing users to lose funds due to a fake giveaway campaign. The crypto platform promised to repay the funds lost due to the incident. In an announcement, KuCoin confirmed that its Twitter account was hacked for nearly an hour on April 24 at 8AM ET. According to the exchange, the attackers posted fake events to trick KuCoin users into thinking they were attending an official event. So far, the exchange has identified 22 transactions involved in the incid ent and has promised to compensate victims.
The company urged victims to contact them for help and promised to implement better security measures to prevent similar incidents in the future. The company also said it was working with Twitter on further investigations into the incident. A community member who claimed to be a victim said They were the first to join the impersonation. According to KuCoin users, the exchange carried out campaigns similar to tweets posted by the attackers. Twitter users also said it was a good thing that the exchange was able to respond to the attack very quickly.
TAKING OVER An Exchange's Office Twitter Account to Promote A scaming One of the Go-TO Tactics for Hackers in this Space. Ter account of cryptocurrency exchange coindcx was compromised and it was seen promoting fake xrp ads. On jan. 25, hackers took over the Twitter account of trading platform Robinhood and promoted a crypto token.
Beyond cryptocurrency exchanges, the modus operandi extends to other parts of Web3, such as the non-fungible token (NFT) space. On January 28, the Twitter account of the NFT project Azuki was taken over by hackers, and it lost $758,000 in just 30 minutes.
