KuCoin’s Turkey Account Compromised, Users Funds Safe: Report

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KuCoin, a globally renowned CEX, appears to have become the latest victim of a cyber attack, as its Turkey X account was compromised on Saturday, April 13. Following the malicious attack, hackers used the KuCoin Turkey account on X to post false announcements in a move to lure more victims. However, the false post on X was deleted as of press time, with the KuCoin account stating that users’ funds were safe.

We want to inform you that someone has gained unauthorized access to our turkey account. The following message is not ours, so please be cautious of any suspicious links or posts from this account as we look into the matter more closely. rest assured that your funds are safe.

— KuCoin (@kucoincom) April 13, 2024

Crypto-Related Hacks Burgeon, Engulfs KuCoin

Significantly, hacking incidents that affect crypto users’ security have become a common issue in the cryptocurrency world. Coinciding with this trend, KuCoin’s exchange platform has seen a high number of these attacks recently.

Last year, as previously mentioned by CoinGape Media, the official X account of cryptocurrency exchange KuCoin was hacked. The intruders posted phishing links on the account. In a similar incident today, the Kucoin Turkey X account was compromised, and hackers spread false announcements. Although these announcements were swiftly removed, there remains a lingering concern among users about security in the crypto world.

At the same time, KuCoin announced that they were still looking into the issue, and advised users to avoid engaging with the Turkey account on platform X. However, they also reassured users that their funds were secure, bringing peace of mind amidst the KuCoin Turkey account breach investigation.

The story I previously mentioned underscores the growing dangers for users as cryptocurrencies become increasingly popular worldwide. Cryptocurrency investors often see a correlation between adoption and associated risks, with the crypto market regularly grappling to implement effective solutions to address these problems.

KuCoin’s Previous Account Compromises

In April of the previous year, KuCoin faced a similar problem as their X account was hacked and taken over by unauthorized individuals. These intruders are said to have acquired more than 1,000 Bitcoin (BTC) and approximately 5,000 Ethereum (ETH) through a fraudulent wallet.

In September 2020, the cryptocurrency exchange experienced a hack, leading to the theft of approximately $289 million in assets. Despite this setback, the exchange was able to recover 78% of the stolen funds. This resilience has solidified Kucoin’s role as a significant player within the crypto industry. Currently, the price of Kucoin’s token, KCS, has decreased by 3.29%, and it is valued at $10.05.

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2024-04-13 17:11