KuCoin experienced a Twitter account hack that lasted 45 minutes today, resulting in asset losses for several users. Following the incident, KuCoin released a tweet stating that they would reimburse all verified asset losses caused by the social media breach and the resulting fraudulent activity.
KuCoin clarified that only its Twitter account was compromised during the incident and that it had taken prompt action to regain control of its account with the help of Twitter support. The exchange also reassured users that their assets on the platform were secure.
The fraudulent tweets triggered 22 transactions resulting in a total loss of around 22,638 USDT. KuCoin has taken steps to prevent further harm to its users by scrutinizing and blocking suspicious addresses. The exchange, besides conducting a comprehensive inquiry into the incident to prevent a recurrence, also plans to enhance the security of its social media accounts by implementing additional security measures on top of Twitter’s existing two-factor authentication (2FA).
KuCoin stated:
“However, please refrain from opening any links that impersonate the kucoin.com domain to protect yourself. Thank you very much for your continued support.”
In March, KuCoin partnered with cybersecurity firm Hacken to introduce a $1 million bug bounty program, the highest reward ever offered by a cryptocurrency exchange. This initiative aims to encourage security researchers to identify and report vulnerabilities on the platform, helping KuCoin enhance its security measures and safeguard its users’ funds.
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