Markets

KuCoin briefly lost access to its official Twitter account

The official Twitter account of cryptocurrency exchange KuCoin has been hacked, according to the company.

On April 24, KuCoin informed its users that the Twitter account “kucoincom” had been hacked for about 45 minutes.

Moreover, the “fake activity” posted on the social media account resulted in losses of assets for many users.

However, the losses were insignificant, around $22,628 in USDT, and the exchange He said It would compensate the victims.

“KuCoin will fully compensate all verified asset losses that resulted from the social media breach and fake activity.”

KuCoin Twitter attack

The company confirmed that only its Twitter account was hacked, and was able to quickly regain control of it.

Moreover, it identified 22 transactions linked to the fake activity, including ETH and BTC. “To prevent more users from being harmed, we are currently scanning and blocking suspicious addresses,” she said.

She confirmed that the KuCoin team will implement additional security measures to enhance the protection of its social media accounts.

She also said the attack was being investigated.

“We are also conducting a thorough investigation of the incident with Twitter to prevent such incidents from occurring in the future.”

The exchange itself wasn’t hacked, so the acquisition of the Twitter handle may have been an inside job. However, this is only one possible theory that was neither confirmed nor denied at the time of publication.

The cryptocurrency exchange is among the many transactions facing regulatory issues in the United States.

KCS price reaction

The original KuCoin token did not react to the social media incursion. KCS was trading down 1.4% on the day at $8.02 at the time of writing.

KCS Price After Twitter Account Takeover 1 Day – BeInCrypto

However, the exchange token lost 11% over the past week as the cryptocurrency markets plunged.

KCS is currently down 72% from its December 2021 high of $28.83.

The cryptocurrency markets have been generally flat over the past 25 hours. As a result, the total capitalization was about $1.21 trillion. Moreover, markets have fallen 9% since their 2023 highs in mid-April.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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