Coin Cloud Faces Major Data Breach
If you’re involved in the crypto world, you need to be aware of the recent data breach that has affected Coin Cloud, a prominent Bitcoin ATM operator. This incident has occurred at a difficult time for the company, which filed for bankruptcy earlier this year due to the downturn in the crypto market and fallout from the FTX collapse.
300,000 Customers’ Personal Data Exposed
According to cybersecurity expert vx-underground, an unknown hacking group claims to have obtained sensitive customer data from Coin Cloud’s systems. This development exposes vulnerabilities in financial technology operations and raises questions about users’ personal information safety.
The breach is extensive, with reports indicating that hackers accessed the personal data of about 300,000 customers. This includes sensitive information such as Social Security numbers, names, occupations, addresses, phone numbers, dates of birth, and other personal details. The hacking group also claims to have procured around 70,000 customer selfies.
Coin Cloud’s Bankruptcy And Financial Woes
Coin Cloud’s vulnerability to such a cyberattack is highlighted by its recent financial struggles. In January, the company filed for Chapter 11 Bankruptcy after facing significant financial losses caused by the broader crypto winter and the aftermath of the FTX implosion. Reports suggest that Coin Cloud owes its creditors upwards of $50 million.
In its bankruptcy documentation, Coin Cloud detailed its outstanding debts, revealing that its most significant was over $100 million to Genesis Global Trading. The company’s second-largest debt, roughly $8.5 million, is owed to Cole Kepro.
Hot Take: Protecting Customer Data In The Crypto World
This data breach affecting Coin Cloud highlights the importance of protecting customer data in the crypto world. As a user or operator in this space, it’s crucial to prioritize cybersecurity measures to prevent such breaches and safeguard sensitive information from falling into the wrong hands. The consequences of a data breach can be severe for both individuals and businesses involved in cryptocurrencies.
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