KuCoin to reimburse victims of the short-lived Twitter account hack

The authoritative Twitter relationship of the crypto speech KuCoin has precocious been compromised, starring to users losing their funds to a fake giveaway event. The crypto level promised to reimburse the funds mislaid from the incident. 

1/ The @kucoincom grip was compromised for astir 45 mins from 00:00 Apr 24 (UTC+2). A fake enactment was posted and unluckily led to plus losses for respective users. KuCoin volition afloat reimburse each verified plus losses caused by the societal media breach and the fake activity.

In an announcement, KuCoin confirmed that its Twitter was compromised for astir an hr connected April 24, 8 AM ET. According to the exchange, the attackers posted a fake enactment to lure KuCoin users into reasoning that they were participating successful an authoritative event. So far, the speech identified 22 transactions that were progressive successful the incidental and pledged that they volition beryllium reimbursing the victims. 

The institution urged victims to interaction them for assistance and promised to instrumentality amended information measures to forestall akin incidents successful the future. The steadfast besides said that it’s collaborating with Twitter successful conducting further investigations to look into the incident.

One assemblage subordinate who claimed to beryllium a unfortunate said that they were the archetypal to articulation the fake activity. According to the KuCoin user, the speech makes akin campaigns to the tweet posted by the attackers. The Twitter users besides said that it was a bully happening that the speech is capable to respond to the onslaught precise quickly.

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Taking implicit exchanges’ authoritative Twitter accounts to beforehand scams is becoming 1 of the go-to strategies for hackers successful the space. In Sept. 2022, crypto speech CoinDCX’s Twitter relationship was compromised and was seen promoting fake XRP advertisements. On Jan. 25, hackers took implicit the Twitter relationship of the trading level Robinhood and promoted a crypto token.

Apart from crypto exchanges, the modus operandi besides extends to different parts of Web3 specified arsenic the nonfungible token (NFT) space. On Jan. 28, NFT task Azuki's Twitter relationship was taken implicit by hackers, resulting successful losses of $758,000 successful conscionable 30 minutes.

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