Iranian Crypto Exchange Bit24.cash Allegedly Exposes User Data
An alleged data breach at Iranian crypto exchange Bit24.cash has reportedly exposed the sensitive information of nearly 230,000 users. However, the exchange denies the allegations and states that the claims are “inaccurate and misleading.”
Misconfigured Storage System to Blame
The breach was attributed to a misconfigured storage system used by the exchange. Cybernews researchers discovered that the MinIO object storage system was left unprotected, giving unauthorized access to S3 buckets containing users’ KYC documents. This exposed personal information such as consent letters, passport details, and credit card information.
“With access to such comprehensive personal and financial data, malicious actors could impersonate individuals, gain unauthorized access to accounts, execute fraudulent transactions, and potentially cause substantial financial and personal harm to the affected users.”
Exchange Denies Allegations
Bit24.cash strongly denies the data breach allegations. The exchange’s security engineer, Hossein Amini, assures users that there is no evidence of unauthorized access or a breach of sensitive data. Amini emphasizes that user security is their top priority and that their system architecture and security protocols remain intact.
Past Breaches Highlight Security Risks
This incident is not the first time an exchange has faced a potential data breach. Previously, the Bitcoin Lightning-based payment platform Strike also suffered from unsecured access to user information, exposing private emails.
Hot Take: Iranian Crypto Exchange Faces Data Breach Allegations
Bit24.cash, one of Iran’s largest crypto exchanges, is facing allegations of a significant data breach that exposed sensitive user information. While Cybernews researchers claim that a misconfigured storage system led to unauthorized access to users’ KYC documents, the exchange vehemently denies these allegations. This incident serves as a reminder of the importance of robust security measures in the crypto industry, as breaches can have severe financial and personal consequences for users. It remains crucial for exchanges to prioritize user security and implement effective safeguards to protect sensitive data.
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