The KuCoin cryptocurrency exchange’s Twitter account was hacked by attackers, which resulted in potential phishing attacks and the risk of crypto asset losses for some users.
However, the exchange’s technical support team was quick to respond and managed to restore access to the compromised account within 45 minutes.
During this time, hackers posted fraudulent links and messages, resulting in 22 Bitcoin and Ether transactions worth $22,628 being linked to fraudulent tweets.
In response, the KuCoin management has pledged to reimburse all confirmed losses caused by the hack on their social media account.
The technical support team is taking additional measures to block suspicious addresses and strengthen the security of their social media accounts.
KuCoin is under the scrutiny of US regulators, with the New York State Attorney General Letitia James having previously sued the exchange in March for failing to register as a commodities and securities broker-dealer.
The exchange is currently investigating this incident to prevent future similar attacks and ensure the safety of its users’ assets.