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The Twitter account of the crypto exchange KuCoin was compromised for about 45 minutes in the early hours of April 24, the exchange confirmed in a tweet.

The hacker published a malicious post for a giveaway with a link to a phishing site using KuCoin’s official Twitter account. The exchange identified 22 transactions where users lost funds after interacting with the phishing site. KuCoin users lost a total of 22,628 Tether (USDT), according to the tweet.

The exchange has promised to “fully reimburse all verified asset losses caused by the social media breach and the fake activity.” KuCoin also assured users that the hack was limited to the social media account and that all funds on the exchange were safe.

Amid news of the hack, KuCoin’s native token KCS is down 1.37% over the past 24 hours — trading at just over $8 at the time of writing, as per CryptoSlate data.

Strengthening security

In order to prevent more users from being impacted, KuCoin is examining and blocking suspicious addresses, it said. The exchange has also launched an in-depth investigation into the Twitter hack.

The recent hack has also nudged KuCoin to strengthen the security practices of its social media accounts. KuCoin said that it will implement additional security measures on all its social media accounts — including its Twitter account, which already employs two-factor authentication.

Hacking official Twitter accounts to promote fake giveaways and airdrops have become more and more common over the past few years. The Twitter account of Circle’s chief strategy officer and head of global policy, Dante Disparte, was hacked last month and the perpetrators promoted a fake USDC airdrop to lure victims.

Stock and crypto trading platform Robinhood’s Twitter account was also breached in January to promote an unauthorized token.

The post KuCoin’s Twitter account hacked – exchange says it will reimburse victims appeared first on CryptoSlate.