Cryptocurrency exchange Kucoin recently revealed that their official Twitter account was hacked, and users were warned not to click any suspicious links that may be shared through this account. Reports indicate that scammers have managed to get away with a total of $1.9 million in cryptocurrency, as of February 2021.

The perpetrators of this attack remain unidentified as of yet, and Kucoin is still trying to figure out how the breach occurred in the first place. It was just last September 2020 when the 8th largest cryptocurrency exchange Kucoin reported a huge hack resulting to a loss of up to $289 million. Upon learning of the attack, the Kucoin team put together a plan and consulted with other exchanges and project partners in order to recover the stolen funds. After hard work and dedication, they were able to recuperate $222 million, which is equal to 78% of the assets stolen.

As of press time, Kucoin’s KCS token has depreciated by 1.5% in the past 24 hours, and is currently trading at an estimated price of $8,076. Analysts advise investors to not be disheartened by the current news but to stay informed and educated of the recent crypto-related developments.

It is of utmost importance to take measures to ensure cryptocurrency assets remain secure. Experts suggest that one way to significantly reduce the risk of being hacked is for users to store their crypto assets in acold storage wallet. Some examples include a USB flash drive or a paper wallet. In general, one must exercise caution when accessing their wallets or cryptocurrency accounts, double check the URL of the site, and also use two-factor authentication as an added layer of security.



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