• KuCoin’s Twitter account was hacked, resulting in the loss of 22,000 USDT worth of assets.
• The exchange was able to recover its account and will reimburse affected users.
• KuCoin is carrying out investigations and boosting security measures to prevent future incidents.
KuCoin’s Twitter Account Compromised
KuCoin became the victim of a malicious Twitter hack which resulted in losses of over 22,000 USDT for its users. The crypto exchange’s Twitter account was compromised briefly but the company recovered it soon afterwards and promised to reimburse those affected by the incident.
Types of Assets Lost
The hackers used KuCoin’s Twitter account to promote fake activity during their 45 minute control period. In that time, 22 transactions were identified involving ETH and BTC with a total value of 22,628 USDT being lost by users due to this hack.
Investigations and Security Measures
KuCoin has since recovered its Twitter account but stressed that only this channel had been affected; implying that its website and other social media channels remain safe from any similar attacks. Following the incident, they have promised to reimburse affected users while they are carrying out investigations as well as blocking suspicious addresses. They also revealed plans to increase security measures on their social media accounts in order to prevent any further hacks from occurring in future.
Reimbursement for Affected Users
The platform has stated that it will reimburse all those who were affected by this incident once investigations have been concluded correctly. This includes both those who lost funds directly through the fraudulent activity as well as those who may have suffered losses indirectly due to the attack on KuCoin’s Twitter account.
Preventing Future Occurrences
In addition to increasing security measures on their social media accounts, KuCoin is also conducting a thorough investigation into this incident with Twitter in order to ensure no more breaches occur in future. By doing so they hope not only protect their own platform but also other crypto exchanges too from such attacks occurring again in future !