Cryptocurrency exchange KuCoin had its official Twitter account compromised on Monday, which resulted in its users losing more than $22,000, the company said via Twitter on 24 April.
According to the announcement, a hacker was able to take control over KuCoin’s Twitter account for around 45 minutes in the early hours of Monday to promote “fake activity” from the exchange. Although the incident was brief, KuCoin was able to identify around 22 transactions connected with the hack, resulting in a total loss of 22,638 USDT.
The exchange assured its users that only its Twitter account was compromised in the incident, and that all crypto assets on KuCoin remain safe and secure. The company is currently “conducting a thorough investigation of the incident with Twitter”, in addition to “blocking suspicious addresses” in order to prevent users from being harmed. KuCoin also noted that it will “fully reimburse” all verified asset losses caused by the incident.
Hacking a prominent Twitter account in order to promote fake giveaways and tokens is nothing new in the crypto space. Last month, a hacker took control over the Twitter account of Circle’s chief strategy officer Dante Disparte to promote a fake USDC airdrop. The account of popular investment app Robinhood was also compromised in January, though a very small number of people fell victim to the scam.