Every cryptocurrency trader and investor’s typical concern in the choice of exchange to trade their assets is the safety of their funds and the personal data provided to the exchanges before the trade began. The cryptocurrency space with many ups has not been devoid of downs, such as crypto hacks, data leaks, and all sorts of scams that have become rampant in the past few months. In the latest news circulating social media, BuyUcoin, one of India’s leading cryptocurrency exchange, has been breached. The new hack has now led to leaks of personal details of at least 300,000 of its customers.
User funds are safe, BuyUcoin alleges
The new data breach of the Indian exchange has been traced to a notorious hacking group called Shinyhunters. The group known for their operation on the dark web has now leaked a document containing KYC information of customers to the public. Details like email addresses, bank details, and a few other personal information that should remain private except otherwise have now been leaked by the notorious hackers who are kings in the act.
The leak has led to customer panics, which is normal, as the customers do not know to what extent the data leak may now be capitalized upon by other scammers and hackers. The Indian exchange, who, in an attempt to save their face, claimed that no customer was affected and have now made a U-turn statement to accept that their system was breached. Their official statement assured their customers not to panic as the necessary authorities are thoroughly investigating the matter. The exchange also uses the means to ensure the public that there is no record of any loss of funds.
Exchanges need to improve their security system
Despite the Indian exchange claims of no loss of funds, customers are still wary that their details may be dangerous. The frequency of crypto hacks and data leaks is high right now, and exchanges need to step up their security to ensure customer safety. In a news report mid last year, Ledger Users data were compromised in a data hack affecting more than 250,000 customers. The exchange also confirmed that no loss of funds was suffered.
Still, their customers have complained of getting several malicious emails from an unknown individual trying so hard to gain unauthorized access into their bank account with the compromised data. BTC Market customers experienced something of such nature last year November.
The Australian crypto exchange mistakenly sent emails to customers in a batch of 1,000, thereby exposing emails and other personal details of customers in a Marketing campaign. They have since apologized and have also assured the public of no loss of funds. However, cryptocurrency exchanges must now improve data security to gain more customer confidence and trust, which will favor the growth of the cryptocurrency space.