Recent Transak Data Breach Affects Over 57,000 Users
Transak, a fiat-to-crypto payment gateway, has reported a data breach affecting over 57,000 users due to a phishing attack on an employee's laptop.
The Stormous ransomware group has claimed responsibility for the incident, raising concerns about the security of KYC measures within the crypto industry.
In a blog post, Transak explained that attackers accessed its system by using stolen employee credentials to infiltrate a third-party KYC provider responsible for document verification.
While sensitive data such as social security numbers and credit card information were not compromised, personal identifiable information (PII), including names and addresses, was exposed. Transak reassured users that their assets remained safe due to its non-custodial model, although the breach impacted about 1.14% of its total user base.
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This breach follows other notable hacking incidents in the crypto space, including a $4.5 million loss at Tapioca DAO from a social engineering attack.
Although there is currently no evidence of data misuse, Transak has advised affected users to remain vigilant and is collaborating with third-party experts and law enforcement to investigate the breach. The employee whose laptop was compromised has been terminated, and Transak is committed to improving its security measures to prevent future incidents.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
