India-based crypto exchange CoinDCX’s twitter account has been hacked. Another official handle of the crypto exchange alerted users Tuesday that the main account was compromised, and asked users to not click any link posted by the main account.
(Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)
The hacked account retweeted media in support of a cryptocurrency asset known as XRP, which was developed by the San Francisco-based Ripple Labs. Users also reported they saw CoinDCX’s main twitter account sharing spam links promoting XRP.
Hacking the social media channels of large companies or government officials is a common strategy in the sector in order to fraudulently raise asset prices - or “pump” them for monetary gain.
Shortly before 22:00 IST on Tuesday, the crypto exchange announced it had responded to the security breach.
“Dear Users, We have secured access to our twitter handle (twitter.com/coindcx). We can assure that there is no impact on organisation and customer data. Thank you for your patience. #WAGMI,” tweeted CoinDCX from the main handle.
XRP is a cryptocurrency designed to facilitate cross-border remittances in seconds and avoid high-cost bank transfer fees. It is currently at the centre of a court battle between the U.S SEC and Ripple Labs.
The legal argument pertains to whether or not XRP should be treated as a security due to its volatile price. XRP supporters have been trying to drum up support for the asset using their social media channels and online petitions.
