Hacking of a well-known cryptocurrency exchange’s Twitter account cost users only $ 22,600

Representatives of the KuCoin crypto exchange have warned of a hack of the platform’s official Twitter account. It became known that a small number of users lost money due to actions related to fake tweets — investors «gave» $ 22,600 to hackers. According to analysts, this amount is insignificant compared to the losses that could have occurred if the exchange had not promptly detected the hack.

The attackers gained access to the KuCoin account for 45 minutes on the night of April 23−24. After the exchange restored the account, security experts found 22 transactions, including BTC and ETH, that were related to the incident.

«Kucoin will fully reimburse all asset losses caused by the social media hack and fake activity. To prevent more users from being harmed, we are checking and blocking suspicious addresses,» the exchange said in a statement.

KuCoin is a centralized crypto exchange ranked 7th in terms of trading volume. Over the past 24 hours, according to CoinGecko, this figure on the platform amounted to $ 514 million.

KuCoin’s management reported that users' assets on the exchange remain safe. The incident is being investigated. In addition to the existing two-factor authentication, the platform intends to introduce additional security measures on its social media accounts.

As a reminder, on April 22, the developers of the Trust Wallet cryptocurrency wallet reported that software users lost $ 170 thousand. The vulnerability affected wallets created in the browser extension between November 14 and 23, 2022. An anonymous security analyst reported the vulnerability back in November, telling about a bug on the rewards website (bounty program).