• Fri. Aug 18th, 2023

KuCoin’s Twitter Hack: $23,000 Loss

Jun 22, 2023
KuCoin's Twitter Hack: $23,000 Loss
Marcel Bich

On Monday, April 24th, KuCoin, a cryptocurrency exchange, experienced a cyber attack on its Twitter account. Officials from the traders’ platform confirmed the incident on social media.

According to the latest notification, management of the Twitter account has been returned. However, during the attack, the hackers were able to post false links that cost exchange users $22,600 in stablecoin Tether (USDT).

As a result of the hacking attempt, the exchange experienced 22 transactions linked to fake links. The exchange has promised to reimburse all parties involved for any money lost. The precise method used by the hackers to take over the exchange’s Twitter account is still unknown.

Unidentified individuals reportedly hijacked Gate.io’s Twitter account, a former trading site. The hackers posted a tweet announcing a bogus USDT giveaway and included a link to a duplicate of the site, according to PeckShield analysts. It is still unclear how extensive the plan was since Gate.io has chosen not to provide further details on the incident. Additionally, hackers also gained access to the CoinDCX exchange’s Twitter account, where they frequently reposted tweets with an XRP theme. Representatives for CoinDCX confirmed the hack.

Before this announcement, it was revealed that cyber attacks cost bitcoin investors $418.5 million in the first three months of this year. Euler Finance and BonqDAO accounted for more than 70% of the stated amount, with the attacker reclaiming all the stolen assets in the case of Euler Finance. These calculations were made by Immunefi analysts.

Hacker attacks were responsible for over 95% of the stated amount, with just over 4% of all schemes being fraudulent (such as bogus Twitter feeds).