On April 24, the Twitter account of crypto exchange KuCoin was hacked for about 45 minutes, during which a malicious post promoting a giveaway with a link to a phishing site was published.

The exchange has identified 22 transactions where users lost funds after interacting with the phishing site, resulting in a total loss of 22,628 Tether (USDT).

KuCoin has promised to fully reimburse all verified asset losses caused by the breach and is examining and blocking suspicious addresses to prevent further impact.

The exchange has also launched an investigation into the Twitter hack and is implementing additional security measures on all its social media accounts.

Hacking official Twitter accounts to promote fake giveaways and airdrops has become increasingly common in recent years, with other high-profile accounts, such as that of Circle’s chief strategy officer and head of global policy, also being hacked for similar purposes.