During the malicious attack, the hackers engaged in 22 suspicious transactions involving Ether (ETH) and Bitcoin (BTC). The crypto exchange lamented that the fraudulent activity violated the KuCoin system security protocol leading to the loss of 22,628 USDT.
Nature of KuCoin Twitter Hack
After probing the April 24 malicious attack, the crypto exchange observed that the hacking activity only affected the company’s Twitter account. The investigators confirmed that other KuCoin social media accounts were safe.
A report issued by the probing team revealed that the unscrupulous players launched fraudulent activity on their Twitter accounts. A scrutiny of the fake activity demonstrated that the hackers enticed the KuCoin community to participate in a suspicious event.
In light of the April 24 report, the KuCoin team plans to reimburse the affected customers. The company support team has encouraged the affected customers to contact them.
The statement revealed that the KuCoin team would support the April 24 hack victims by addressing their queries promptly. Beyond this, the crypto exchange will prioritize introducing innovative security measures to prevent the recurrence of incidents in the future.
KuCoin plans to join efforts with the social media platform Twitter to dig deeper into the matter.The KuCoin collaboration with Twitter enables the crypto exchange to explore cutting-edge security measures.
The crypto exchange plans to integrate additional security tools into the system to prevent external attacks. The KuCoin team has started conducting a thorough security exercise to block malicious attacks. This exercise aims at safeguarding the consumer from further exploits.
Factors Contributing to High Twitter Exploits
In a Twitter conversation with one of the affected customers, he regretted being among the first batch that joined the fake activity. He argued that fake events had similar characteristics to Twitter’s community activities.
Over the past, the Twitter team has been creating an official community participation to boost their users’ experiences. He lauded the strategic actions taken by the crypto exchange to address the matters.
Besides today’s Twitter exploit, the US authority accused the crypto exchange of contravening security laws. In March, New York Attorney General Letitia James submitted a lawsuit against Kucoin for providing unregistered digital securities and commodities.
In his submission, the Attorney General argued that KuCoin failed to comply with the crypto requirement when offering brokerage and dealership services.
Overview of Global Twitter Hacks
In the meantime, the hackers have been eyeing the Twitter accounts by launching phishing links and fake events to steal the community’s hard-earned assets. In 2022 the major crypto exchange CoinDCX announced that the company’s official Twitter account was hacked. The CoinCDX hackers gained unauthorized access to the Twitter account to promote suspicious XRP assets.
Afterward, the Twitter community suffered huge losses after attackers compromised Robinhood social media platform to market fake digital tokens. Besides the Robinhood case, the Chief Strategy Officer at Circle Dante Disparte was another victim of a Twitter hack.
Disparte confessed that the bad player exploited his Twitter account to market suspicious USDC airdrops. A similar fake XRP airdrop was promoted on the News24 Twitter profile after the attackers, dubbed as Rogue Group, launched a malicious attack.
Furthermore, other digital asset providers, such as the Azuki, have suffered losses after attackers compromised their official Twitter handle. It was observed that the Azuki exploit exposed the firm to lose assets worth $758000.
In the meantime, the increase in Twitter hack activities has prompted crypto firms to warn their customers to be hypervigilant when engaging in a digital transaction. The crypto-native community is urged to avoid clicking suspicious links on Twitter.
The April 24 hack has prompted the KuCoin native coin KCS to establish a bearish divergence. As of this writing, KCS is trading at $8.02, a decrease of 0.95% daily.
According to CoinMarketCap, KCS faced resistance at $8.10 in the last 24 hours. Also, the KCS prices had initiated a move towards the $7.99 support level over a day. The KCS trading volume surged by 0.24% to reach $1,320,227, while the market capitalization dropped by 2.10% to attain $779,221,738 in a day.