KuCoin, a Singapore-based cryptocurrency exchange, reported that its Twitter account was hacked, leading to a fake giveaway scam and the theft of $22,628 worth of cryptocurrency. The company stated that the breach lasted for about 45 minutes on April 24 (UTC+2) and caused asset losses for some users. KuCoin clarified that only its Twitter account was hacked and that it immediately took action to regain control of the account from Twitter support. The company also assured users that it would fully reimburse verified asset losses incurred during the incident.
During the 45-minute period, hackers managed to send 22 Bitcoin and Ethereum transactions, resulting in the theft of $22,628. KuCoin said that it had identified these transactions and would implement additional security measures to strengthen the protection of its social media accounts, in addition to Twitter's 2FA.
KuCoin confirmed the security incident and announced that it detected some large withdrawals of Bitcoin, ERC-20, and other tokens in its hot wallets, resulting in an estimated loss of over $150 million in 2020. The company assured users that it would conduct a thorough investigation of the incident with Twitter to prevent similar occurrences in the future.
In light of this incident, KuCoin urges its users to remain vigilant and to avoid participating in any suspicious activities or giveaways on social media platforms. It advises them to verify the authenticity of any information or requests before taking any action, and to report any suspicious activities immediately to its support team.
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