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.

Please note that our turkey account has been compromised. This announcement below is not from us and please be aware of any malicious links or posts from this account while we investigate further. User funds are not affected. https://t.co/NmMGKKs98O

— KuCoin (@kucoincom) April 13, 2024

Crypto-Related Hacks Burgeon, Engulfs KuCoin

Notably, crypto-related hacks that hamper user safety have now emerged as a recurring phenomenon within the crypto realm. Aligning with this, KuCoin’s X accounts appear to be a hotspot for such activities.

As CoinGape Media earlier reported, KuCoin’s official X account was compromised last year, with the attackers leaving phishing links on the account’s feed. Similarly, the Kucoin Turkey X account was compromised today, with hackers leaving false announcements on the account. Although these announcements were deleted shortly after, an enigmatic cloud surrounding users’ safety within the crypto realm persisted.

Meanwhile, KuCoin’s statement revealed that the firm is still investigating the matter, while it cautioned users not to interact with the Turkey account on X. Simultaneously, it assured users of the safety of their funds, providing them a sigh of relief despite the Kucoin Turkey account hack.

The abovementioned saga further highlights the burgeoning risks users face with the rapid adoption of cryptocurrencies across the globe. Crypto market participants often view a directly proportional relation between the adoption and risks related to cryptocurrencies, with the crypto realm frequently struggling to foster apt measures to prevent such issues.

Also Read: Crypto Market Crash: Here’s Why Bitcoin, ETH, SOL, XRP, SHIB Fell Sharply

KuCoin’s Previous Account Compromises

KuCoin tackled quite a similar issue in April last year, wherein its official X account was hacked. The attackers reportedly received over $1K BTC and nearly $5K ETH through a scam wallet.

Meanwhile, the exchange also encountered a hack in September 2020, resulting in a loss of $289 million worth of assets. However, the exchange recovered 78% of the compromised assets, positioning the exchange as a vital player in the crypto industry. Kucoin’s token, KCS, had dropped 3.29% as of press time and is currently resting at $10.05.

Also Read: 5 Crypto Crime Trends You Should Be Aware of in 2024

The post KuCoin’s Turkey Account Compromised, Users Funds Safe: Report appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am