Crypto exchange KuCoin reported that its Twitter account was hacked

KuCoin promises to compensate users for losses incurred due to the incident and strengthen security measures

Cryptocurrency exchange KuCoin warned about the hacking of its official Twitter account. The incident occurred on the night of April 23 to 24. The platform reported that a small number of users lost funds due to actions related to fake tweets.

KuCoin is a centralized crypto exchange that ranks 7th in terms of trading volume. In the last 24 hours, according to CoinMarketCap, that figure on the platform was $514 million.

Hackers gained access to the KuCoin account for 45 minutes. After the exchange recovered the account, it identified 22 transactions. And that included Bitcoin and Ethereum transactions that were linked to the incident. The platform estimated the total loss at approximately 22,600 USDT.

“Kucoin will fully reimburse all asset losses caused by the social network hack and fake activity. To prevent more users from being harmed, we are currently checking and blocking suspicious addresses,” the statement reads.

Our experts note that Kucoin claims that users’ assets on their exchange remain safe. An investigation into the incident is underway. In addition, in addition to the existing two-factor authentication. Additionally, the platform intends to introduce additional security measures on its accounts in social networks.