Crypto exchange QuickBit confirms user data exposure

Database issues at the Swedish Crypto exchange QuickBit resulted in a breach of sensitive user data. That news is according to an official announcement published on July 22.

The article was updated on 14 November, 2019 by Amicus.

26 July, 2019 | AtoZ Markets - The Swedish crypto exchange QuickBit has announced that its customers’ database has been exposed. The exposure included names, addresses, email addresses, and card information that accounted for 2% of the total number of clientele on the exchange.

However, it still protected and not revealed all customers’ more sensitive data. The data is such as passwords or social security numbers, complete account or credit card information, cryptocurrency or private keys, or financial transactions.

The exchange explains that the exposure goes down to using security software. That did not seem well configured to work in line with the exchange system. “QuickBit has recently adopted a third-party system for supplementary security screening of customers. In connection with the delivery of this system, it has been on a server. That has been visible outside the QuickBits firewall for a few days. And thus accessible to the person who has the right tools.”

QuickBit took the necessary security measures

The exchange pointed out that it's IT experts have taken the necessary steps to secure all the customers. Also, it promises an official statement in that context on its website soon.

The exchange’s management discovered the system loop earlier the last month, as it published on July 19. It confirmed that investigating the incident, they learned their system lacked a higher level of security. However, the system loop has affected none of the users’ data at the time, as per the statement.

Crypto exchange hackers

In a similar context, the Singapore-based Bitrue crypto exchange underwent a hacking incident. That cost the exchange a high bill of 9.3 million XRP, and 2.5 million Cardano. That was at AtoZ Markets on June 27.

Bitrue had announced in a tweet on June 26, that the hit caused a loss of funds of over $4.5 million in XRP (valued at $0.488) and $237,500 in ADA (valued at $0.095), according to CoinMarketCap data, assuring that customers’ funds were insured. In a connected news, AtoZ Markets reported as well on June 26 that the European Police arrested six people against the background of a $27 million stealth in a cryptocurrency hack.

The attackers arrested were involved in a cyber-stealing hoax called "typosquatting.” In which fraudsters gain access to users’ accounts via creating fake websites. That also resembles those legitimate ones of cryptocurrency exchanges. They start spreading the links on social media platforms and through messaging apps.
Such a fraudulent online system stores the credentials a user prompts in the username and password fields, and then the hacker uses these data on the real crypto exchange, meaning they have full access to the customers’ funds.

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