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Crypto exchange QuickBit confirms user data exposure

Redwan Eid | Jul. 23, 2019
Crypto exchange QuickBit confirms user data exposure

July 23, 2019 | AtoZ Markets - Database issues at the Swedish digital currency exchange QuickBit resulted in a breach of sensitive user data, according to an official announcement published on July 22.

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

The exchange explains that the exposure goes down to using a security software that was not seemingly well configured to work in line with the exchange’s system, saying:

“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 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 its IT experts have taken the necessary steps to secure all the customers, promising of an official statement in that context to be published on its website soon.

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

Crypto exchange hackers

In a similar context, the Singapore-based Bitrue crypto exchange underwent a hack incident, which cost the exchange a high bill of 9.3 million XRP and 2.5 million cardano were moved, as AtoZ Markets reported 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 resemble those legitimate ones of cryptocurrency exchanges, then they start spreading the links on social media platforms and through messaging apps.
Such fraudulent online system stores the credentials a user prompts in the username and password fields, and then the hacker use these data on the real crypto exchange, meaning, they have full access to the customers’ funds.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.