By Ifaenyi Egede (Nigeria)
BtcTurk, a reputable crypto exchange based in Turkey, responds about the 2018 data breach, where more than 500,000 users lost their sensitive data. True enough, the crypto market loses millions of cash through online scammers each year. In most cases, fraudsters take advantage of any weakness that exchange platforms have.
An official declared that the scammer stole user’s names, ID numbers, phone numbers, email, birthdates, and addresses. You probably know how the safety of your data is vital whenever in any online deal. The fraudsters posted the data set on an online community looking for buyers. As proof of his business, the seller showed sample info. He further claimed that the data had user selfies holding IDs, a common verification requirement by crypto exchanges.
During the weekend, various individuals found their data as a sample by the scammers. They shared the news via crypto Twitter. Surprisingly, BtcTurk exchange denied the accusations, claiming that they have not detected any data breach on their system.
On Monday, the crypto company admitted user data leakage. The firm stated that more than 516,954 users who joined the platform before 2018 July lost their sensitive information. BtcTurk declared that user’s investments were safe from the attack. An unknown person removed the forum thread marketing the leaked information before the official declaration.
Also read:BtcTurk security stated that the leakage was a result of a security breach in their system. Most crypto scams involve weaknesses in the broker’s platform. Keep in mind that scammers take advantage of any loophole existing in an exchange site.
The scam artists masked the user passwords with the PBKDF2 algorithm, making them irreversible. That means no one could retrieve passwords. Hackers seem to utilize technology to ensure success in their fraud deals. For that reason, be careful in your every move when in the crypto market.
The statement assured clients that their bank accounts, financial passwords, balance info are safe. BtcTurk stated that it would consider contacting the data leak victims.
Online security remains a challenge when it comes to cryptocurrencies. However, different exchanges, industry experts, and financial professionals work towards ensuring user safety.
Enjoy safety in your online transactions!!!
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.