KuCoin, a crypto exchange platform, has announced that it has regained control of its official Twitter account after hackers posted a fake giveaway and stole over $22,000 from users.
According to a tweet from KuCoin, the hackers compromised the exchange’s Twitter handle for about 45 minutes on April 24th. During that time, they posted fraudulent activity that lured users to a fake website and prompted them to connect their wallets. The hackers then drained the crypto assets from the connected wallets.
KuCoin said it identified 22 transactions related to the fake activity, involving 22,628 USDT. The exchange also stated that only its Twitter account was affected and that its funds were protected.
KuCoin said that it is conducting a thorough investigation of the incident with Twitter and blocking suspicious addresses.
KuCoin has promised to compensate all verifiable asset losses from the social network hack and fraudulent activities. Users were urged not to click on questionable links or disclose personal information to unknown sources.
This is not the first time that hackers have targeted KuCoin. In September 2020, the exchange suffered a cyberattack that resulted in a loss of up to $289 million.
According to the CEO, in February 2021, KuCoin worked with other market exchanges and project partners to retrieve most of the stolen funds. The exchange recovered $222 million, or 78%, of the funds looted during the incident.
KuCoin has over six million users and a wide range of trading options. Its KCS token is trading at $8, down from its all-time high of $21 in April 2023.
