Based on coicashpedia.org, analysis shows KuCoin has more than 27 million users around the world, as well as 2.4 million followers on Twitter. The company lost control of its social media account for about 45 minutes.
During the time difference, those answerable for the hack broadcasted fake promotional activities that caused a large number of users to lose their assets.
Reportedly, KuCoin’s fake Twitter activity stimulated about 22 transactions involving Bitcoin and Ethereum, and assets amounting to about USD 22,628 was lost to the attackers.
Kucoin Reassures And Took Control
KuCoin pledged to reimburse the funds to all concerned and verified customers and to thwart such events in the future. Still, it enforced a few other security steps in addition to two-factor authentication.
Furthermore, the company publicized that it is performing a thorough investigation of the incident with Twitter to deter such attacks in the future.
KuCoin officials will keep users updated on the progress of the investigation, but they did ask them to refrain from opening any links that impersonate the KuCoin domain.
KuCoin’s anti-fraud suite service
In January 2023, KuCoin announced the launch of a new suite of anti-fraud solutions to bolster its client security. This product comprises advanced innovative anti-phishing verification, enterprise wallet address verification, as well as official contact verification.
Moreover, these features can aid to detect, reduce and eradicate potential online risks, such as fraud. The aim is to protect important assets and offer a steady set of measures to make any action more secure and efficient.
An exceptionally noteworthy feature on the official media and wallet verification portal is the anti-phishing verification program. Aside from the anti-phishing feature, firms can also leverage an official contact verification tool.
With this tool, if a user questions the genuineness of an individual claiming to be from KuCoin, they can ascertain the firm’s information such as its email address, social media accounts, and phone numbers.