• KuCoin’s Twitter account was hacked for 45 minutes and malicious post promoting a fake giveaway was published.
• 22 users lost a total of 22,628 Tether (USDT) after interacting with the phishing site.
• KuCoin has promised to fully reimburse all verified asset losses caused by the breach.
KuCoin’s Twitter Account Hacked
KuCoin’s official Twitter account was compromised for about 45 minutes in the early hours of April 24th. A malicious post for a giveaway with a link to a phishing site was published on the platform, resulting in 22 transactions where users lost funds after interacting with the phishing site. The total amount of USDT lost by users amounted to 22,628.
Reimbursement Promise
In response to this incident, KuCoin has promised to „fully reimburse all verified asset losses caused by the social media breach and the fake activity.“ The exchange also assured users that the hack was limited only to their social media account and that all funds stored on their exchange were safe.
Impact on KCS Token
The news of KuCoin’s hack had an impact on its native token KCS as well — it is down 1.37% over the past 24 hours and trading at just over $8 at press time.
Brazil Investigating Binance Over Illegal Derivatives Offerings
Separately, Brazil is reportedly investigating Binance over allegedly providing illegal derivatives offerings without authorization from local regulators such as CVM (Comissão de Valores Mobiliários). According to reports, Binance stands accused of offering contracts for difference (CFDs) without registering with CVM or obtaining permission from Brazil’s Central Bank or Securities Exchange Commission (CVM).
Fed Governor Highlights Benefits & Risks Of Tokenization & Smart Contracts
Fed Governor Lael Brainard recently highlighted both benefits and risks of tokenization and smart contracts during her speech at Harvard Law School’s 2021 Capital Markets Conference. She said that these technologies could offer significant cost savings while ensuring greater accuracy and faster settlements but warned against money laundering risk associated with digital assets as well as “operational challenges posed by integrating new technology into existing payment networks.“
