A hack on the Twitter account of the KuCoin exchange platform allowed an attacker to steal funds from users. Those targeted should be reimbursed by the exchange. This is not the first time a large-scale Twitter account hack has allowed this type of attack.
KuCoin users targeted in hack on exchange’s Twitter account
The news was revealed by KuCoin early this morning. The exchange’s staff explained that the hack only lasted 45 minutes, but that it was enough for the attackers to walk away with a large sum of money:
1/ The @kucoincom handle was compromised for about 45 mins from 00:00 Apr 24 (UTC+2). A fake activity was posted and unfortunately led to asset losses for several users. KuCoin will fully reimburse all verified asset losses caused by the social media breach and the fake activity.
– KuCoin (@kucoincom) April 24, 2023
Teams say that only the platform’s Twitter account was affected. This allowed the attackers to post a message promoting a fake promotional activity. Users who filled in their details were given access to their wallets. KuCoin explains that users’ funds are safe on its platform, which has not been compromised.
A total of 22 transactions were made, in Bitcoin (BTC) and Ether (ETH). The total value of the stolen funds amounts to over $22,600. KuCoin staff are continuing to monitor the transactions: “In order to protect other users, we are currently investigating and blocking suspicious addresses”.
The platform does not specify how the attackers gained access to the Twitter account, which works with two-step authentication (2FA). It says it has taken additional steps to better protect the account, and has opened an investigation with Twitter.
The method is unfortunately common in the cryptocurrency world. The ecosystem is rife with fraudulent giveaways, fake exchange platform accounts and other such scams. What just happened to KuCoin, however, is particularly difficult to detect, as the communications came from an official account. Therefore, great caution should be exercised when promises of cryptocurrency earnings and donations are made.