Crypto hacks are pretty darn prominent in the digital space, but sometimes, it’s not always the money itself that’s compromised. Sometimes, attackers go after customers’ personal data, as Buy U Coin is learning this week.
Buy U Coin Customers Have Lost Control of Their Data
The India-based cryptocurrency exchange was allegedly the victim of a data breach that saw the personal information of several customers leaked online. The data released on the internet includes email addresses, names, transaction records, bank details and even phone numbers of many of the company’s clients.
In all, it is estimated that the personal information of as many as 325,000 Buy U Coin customers may have been leaked, though other sources are claiming that the number is significantly less at 161,000.
The leak was reportedly discovered by a researcher named Rajshekhar Rajaharia, who found the information posted to an underground hacking forum. Even more frightening was the fact that as a Buy U Coin customer himself, he saw that his own data have been included in the leak.
It is believed that the incident was instigated by a group known as Shiny Hunters, which has engaged in similar breaches in the past. Evidence also exists that the organization may have gathered the information during three different points in 2020 rather than all at once.
In a statement, Buy U Coin tried hard to calm its customers down and tell them that they are currently investing the hack. In addition, it has reminded users of the many security protocols in place to work against incidents like these. The company explained:
We are thoroughly investing each aspect of the report about malicious and unlawful cybercrime activities by foreign entities in mid-2020. Every Buy U Coin user with an active portfolio has 3FA enabled trading accounts. All our users’ portfolio assets are safe and sound within a secure environment, and 95 percent of users’ funds are kept in cold storage and are inaccessible to any server branch.
While it appears that funds are safe, users’ personal data may not be. The digital trading platform now says that it is planning to revamp all its present security processes throughout the rest of the year to ensure customer information always remains hidden and safe.
This Also Happened with Livecoin
Incidents like these appear to be running rampant as of late. Just last week, Russian cryptocurrency exchange Livecoin put out a statement saying that it was pulling the plug on itself and closing its doors for good after it was unable to regain control of any of its servers, nodes or social media pages following an alleged data hack that occurred in December of last year.
Executives of the company said that it was a rather difficult decision to make and that any customer funds affected by the hack would be reimbursed as soon as possible.