- KuCoin’s official Twitter account suffered an exploit.
- Scammers targeted KuCoin traders and social media followers.
- Below are some simple steps to protect accounts from similar scams.
Social media scams are running rampant, costing users millions in crypto. Scammers are successfully impersonating brands and celebrities to defraud their customers.
KuCoin was the latest crypto company to fall victim to such a hack, costing some users thousands of dollars. Here’s what you need to know to stay safe.
KuCoin’s Hack: What Happened?
On Monday, April 24, the crypto exchange KuCoin fell victim to a social media hack. The exchange told its users that hackers gained control of KuCoin’s official Twitter account for about 45 minutes.
In that time, the hackers “posted a fake activity,” which led to “several users” losing their assets. In the wake of the event, Kucoin identified 22 fraudulent transactions, with a total value of 22,628 USDT.
While Kucoin did not disclose the nature of the illicit activity, social media users provided evidence of a fake giveaway on Kucoin’s Twitter.
According to social media posts, scammers directed users to a fraudulent website and prompted them to connect their wallets. Scammers would then take all the crypto from the connected wallets.
KuCoin has assured users that only its Twitter account was compromised, and assets on the KuCoin platform remain secure. The exchange also said it would reimburse all users that lost money that way.
The exchange did not disclose how the hackers managed to take over their Twitter account. However, social media hacks like these are far from uncommon. In April 2022, hackers took control of multiple government Twitter accounts and used them to promote fake giveaways.
Hacks like these mean that all social media users should know the essential steps to protect themselves against giveaway scams.
Steps to Protect Yourself From Giveaway Scams After Kucoin Hack
Users should follow a few simple steps when browsing social media to protect themselves from giveaway scams.
Check the Official Website
Look for official announcements on verified websites or communication channels. If a giveaway is not on the company’s official website, it’s likely illegitimate. Always be cautious of accounts that may be impersonating legitimate entities.
Check the URL
Scammers often create fake websites that look like legitimate cryptocurrency platforms to trick people into giving away their personal information. For that reason, always double-check the website URL to ensure it’s legitimate.
Always Be Skeptical of Giveaways and Offers That Sound Too Good To Be True
Even after following the previous two steps, it is always advisable to exercise caution with giveaways. If someone is offering free crypto, there is always a catch, and the catch might be that you’ll lose all your crypto.
On the Flipside
- The hack coincided with the chaos on Twitter after multiple high-profile accounts lost and then regained their verification badge.
- Twitter is not the only platform rife with crypto scams. On April 11, hackers took over Sandbox’s Instagram account, posting a fake airdrop.
Why You Should Care
Every crypto user should know how to recognize and protect oneself from the most common scams. This knowledge can end up saving the user and the people they know their entire fortune.
Read about social media’s role in promoting crypto scams:
$1B Lost in Crypto Scams: Is Social Media to Blame?
Read more about Solana’s attempts to change the crypto and carbon emissions narrative:
Solana Launches Dashboard to Track Blockchain Carbon Emissions
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