KuCoin Regains Twitter Access After Hacker Stole Over $22K From Users In A 45-Minute Hack

KuCoin, a global centralized cryptocurrency exchange (CEX) platform that offers a wide range of trading options to its over six million users, managed to regain access to its official Twitter account following a hack that stole over $22,000 of funds from unsuspecting users.

The exchange's account was hacked for around 45 minutes, beginning at 00:00 on April 24 (UTC+2) or 10 p.m. ET on Sunday, with malicious actors uploading a counterfeit activity that tricked users and stole their funds.

It made an announcement on Telegram about the hack and advised users not to click on suspicious links.

Later, after regaining access to its Twitter account, the CEX tweeted that "Kucoin will fully reimburse all verified asset losses caused by the social media breach and the fake activity."

KuCoin identified 22 transactions that came in contact with the fraudulent tweets made by malicious actors who took over the accounts, resulting in around $22,638 total loss. "To prevent more users from being harmed, we are currently examining and blocking suspicious addresses," the exchange tweeted.

Even after its Twitter account was compromised, KuCoin, which claims to be "the most trusted and secure trading platform for Bitcoin and other cryptocurrencies in the world," said its assets on the exchange are secure and it is currently "conducting a thorough investigation of the incident with Twitter to prevent similar occurrences in the future."

Following the hack, the exchange said that aside from 2FA or two-factor authentication, it will add more security measures to strengthen the safety of its social media accounts.

It is worth noting that this is not the first time KuCoin was attacked by malicious actors. In September 2020, the global crypto exchange platform experienced a cyberattack that resulted in a loss of around $289 million.

With the team's effort and its willingness to work with other market exchanges and project partners, it was able to retrieve approximately $222 million, or around 78% of the stolen funds.

Aside from cyberattacks, like other major crypto exchange platforms operating in the U.S., KuCoin was one of the few that got the taste of the ongoing crackdown by financial regulators and authorities in the country.

In March, Attorney General Letitia James filed a case against the platform for operating in the area despite it not being registered as a securities and commodities broker-dealer.

"Today's action is the latest in our efforts to rein in shadowy cryptocurrency companies ... KuCoin operated in New York without registration and that is why we are taking strong action to hold them accountable and protect investors," James said in a press release.