Keepchange Suffered a Data Breach but No Funds Were Stolen
As the adoption in the cryptocurrency industry continues to grow, so do the risks of the platform becoming targeted by cyber-hacks and cyber-attacks. In the past year, there have been several data breach attempts that have been fended off by the security teams at a number of crypto-firms.
While the majority of the cyber-attacks are amateur, some do end up being successful with their hack attempts. These hackers are sophisticated and plan their attacks accordingly after going through the entire security infrastructure of the platform.
According to recent reports, a bitcoin (BTC) company ended up becoming victim to a data breach incident. As a result of the data breach, the hackers were able to gather the full names and email addresses of the customers from the platform.
After acquiring the customers’ information, the hackers attempted to request funds by using the stolen email addresses. However, the hackers requested the money to be transferred to several addresses that belonged to hackers.
Following the data breach hack attack, the bitcoin company warned all of its users to be vigilant and do not end up giving into any phishing attacks.
The affected platform “Keepchange” provided information that the hackers managed to steal part of their customer data. The data that the hackers managed to hack included total traded amount, passwords in the hashed form, and trade counts.
Keepchange confirmed to the users that although it is highly unlikely for the hackers to retrieve passwords from the hashed form, still it advised all its users to change their passwords to be on the safe side.
The firm informed all of the users that despite the data breach attempt, the hackers were not able to execute their plans to the fullest. The hackers had made the data breach attempt with the aim to steal funds from the users’ accounts.
However, the attempt of stealing funds from customer’s accounts was thwarted by the control subsystems that have been put in place by the Keepchange platform.
The cyber-security team at Keepchange have completed their preliminary investigation and have shared their initial findings. The team has confirmed that no BTC funds were lost as a result of the data breach attack.
Following the hack attack, Keepchange has announced that it has now deployed “Login Guard”, which is part of the series of its security measures.
After the activation of the Login Guard feature, the login procedure will be strengthened with extra verifications. Now, whenever a user logs in, a verification email will be sent to their provided email and the user will have to click the link to verify the attempt.
The firm had also revealed that the withdrawal requests would be disabled until Thursday, February 11, 2021, until the team had conducted a full investigation on the matter.