KuCoin To Reimburse Hack Victims
Recently, the official Twitter account of the cryptocurrency exchange KuCoin was breached, resulting in consumers losing their money to a fraudulent giveaway event. The cryptocurrency site vowed to make up the money lost in the event.
In a statement, KuCoin acknowledged that its Twitter account was compromised on April 24 for about an hour. The attackers allegedly created a bogus activity to trick KuCoin users into believing they were taking part in an official event, according to the exchange. The exchange promised to compensate the victims after identifying 22 transactions that were related to the problem so far.
The business invited victims to get in touch with them for support and pledged to improve security protocols to stop similar occurrences in the future. The firm also said that it’s collaborating with Twitter in conducting further investigations to look into the incident.
(With inputs from Shikha Singh)
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