Today, leading cryptocurrency exchange KuCoin announced that they have taken back control of their web-based Twitter account after it was successfully hacked earlier today. The incident caused some users to suffer asset losses due to fraudulent activity. KuCoin is offering to fully reimburse any confirmed asset losses caused by this hack.

The exchange took control of the account shortly under 45 minutes and launched a thorough investigation of the issue with Twitter in order to prevent similar breaches in the future. In addition to Twitter’s 2FA, KuCoin plans to implement additional security measures to secure their social media accounts. They have currently detected 22 transactions, ETH/BTC, that were related to the false activity, amounting to 22,628 USDT. To keep their customers safe, the team is actively investigating and banning any suspicious IPs.

This breach follows the unfortunate cyberattack KuCoin faced back in September 2020, resulting in potential losses of up to $289 million. In February 2021, the team recovered 78% of the stolen assets, amounting to $222 million, with the help of other market exchanges and project partners.

KCS, KuCoin’s token, is currently trading at a value of $8. However, the exchange is currently being disputed by the New York State government, which has referred to Ethereum being a security.

It is highly important that we take proper precautions and secure our assets to prevent similar occurrences in the future. It is encouraging to see that KuCoin is taking the necessary steps to create a protected environment for their users and customers.



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