Apr 25, 2023

KuCoin Reimburses Users After Twitter Compromise

The official Twitter account of the crypto exchange KuCoin was recently compromised, leading to users losing their funds to a fake giveaway event. The crypto platform has pledged to reimburse the funds lost from the incident.

In an announcement, KuCoin confirmed that its Twitter was hacked for almost an hour on April 24, 8 AM ET. The attackers posted a fake activity, which tricked KuCoin users into thinking that they were participating in an official event. So far, the exchange identified 22 transactions that were involved in the incident and promised to reimburse the victims.

The company urged victims to contact them for assistance and promised to implement better security measures to prevent similar incidents in the future. The firm also said that it’s collaborating with Twitter in conducting further investigations to look into the incident.

One community member who claimed to be a victim said that they were the first to join the fake activity. According to the KuCoin user, the exchange makes similar campaigns to the tweet posted by the attackers. The Twitter user also said that it was a good thing that the exchange is able to respond to the attack very quickly.

Taking over exchanges’ official Twitter accounts to promote scams is becoming a popular tactic for hackers in the space. In Sept. 2022, crypto exchange CoinDCX’s Twitter account was compromised and was seen promoting fake XRP advertisements. On Jan. 25, hackers took over the Twitter account of the trading platform Robinhood and promoted a crypto token.

The same modus operandi is also being used to target other parts of the web3 space such as the nonfungible token (NFT) space. On Jan. 28, NFT project Azuki’s Twitter account was taken over by hackers, resulting in losses of $758,000 in just 30 minutes.

To prevent similar incidents from happening, companies in the web3 space should take steps to ensure the security of their accounts and use NFT marketing to promote their products. NFT marketing is a great way to increase brand awareness, build relationships with customers, and increase sales. It can also be used to create unique campaigns that focus on selling NFTs. Companies should also consider hiring a web3 agency to help them with their NFT marketing efforts.

Overall, the incident highlights the importance of having proper security measures in place to protect users from these types of attacks. Companies in the web3 space should take steps to ensure the security of their accounts and use NFT marketing to promote their products. This is the only way to ensure that users don’t fall victim to these types of scams.

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