KuCoin, a cryptocurrency exchange, has announced that it will reimburse all verified asset losses resulting from a fake giveaway promotion that caused users to lose their funds. The exchange’s official Twitter account was compromised for almost an hour on April 24, during which attackers posted a fake activity that deceived users into thinking it was an official event. KuCoin has identified 22 transactions involved in the incident and pledged to reimburse the victims. The company has urged victims to contact them for assistance and has promised to enhance its security measures to prevent similar incidents from happening in the future.
The exchange is also working with Twitter to conduct further investigations. Taking over exchanges’ official Twitter accounts to promote scams is becoming a common strategy for hackers, extending to other areas of Web3, such as nonfungible token (NFT) space.
