As a result of an attack on the Twitter account of cryptocurrency exchange KuCoin, some customers were exposed to a phishing scam. After 45 minutes of unauthorised access, the exchange's technical staff managed to restore control. During this period, fraudulent links and messages were posted that could cause some users to lose cryptocurrencies. A total of 22 Ethereum and Bitcoin transactions worth $22,628 were linked to these messages. KuCoin subsequently said it would reimburse all funds lost as a result of the hacking of its social media account.
Technical experts said they quickly tried to restore access to the account and made sure all customer resources on KuCoin were safe. To protect other users from further losses, KuCoin support staff are monitoring and blocking undefined addresses.
In addition to existing two-factor authentication, the KuCoin team will take additional security measures to better protect social media accounts. The exchange is currently investigating what happened to prevent similar scenarios from happening again.
It should be noted that KuCoin is under close attention from US regulators. In March this year, New York State Attorney General Leticia James sued the exchange over the failure to register as a commodities and securities broker-dealer.