KuCoin, a well-known CEX, recently announced that its Turkey X account had been compromised by hackers. The attackers apparently shared fake news to deceive users.

A leading global CEX, KuCoin, has fallen victim to a cyber attack as its Turkey X account was breached on Saturday, April 13. The hackers took control of the KuCoin Turkey account on X to spread misleading information, but the false posts were deleted quickly and the company reassured users that their funds were secure.

Increasing Incidents of Crypto Hacks Impact KuCoin

Cyber attacks affecting cryptocurrency users have been on the rise, with KuCoin's X accounts being targeted frequently.

Reports show that KuCoin's official X account was compromised last year, with hackers posting phishing links. Similarly, the recent breach of the Kucoin Turkey X account raised concerns around user safety within the crypto community.

While KuCoin is conducting an investigation into the incident and advising users to avoid the Turkey account on X, they have emphasized the safety of user funds. This assurance came as a relief to users amidst the uncertainty caused by the hack.

Growing Risks in Crypto Space Highlighted by KuCoin Incident

The incident involving KuCoin sheds light on the risks associated with the widespread adoption of cryptocurrencies worldwide. The correlation between the adoption of cryptocurrencies and the risks involved underscores the need for better security measures in the crypto industry.

KuCoin's Past Security Breaches

In April last year, KuCoin faced a similar security breach when its official X account was hacked, resulting in the theft of significant amounts of BTC and ETH. Additionally, the exchange experienced a hack in September 2020, leading to losses of millions of dollars. Despite this, KuCoin managed to recover a significant portion of the assets, solidifying its position in the crypto market. As of now, Kucoin's token, KCS, has seen a slight drop in value, resting at $10.05.