Bit24.cash, an Iranian crypto exchange, is reportedly embroiled in a possible data breach concerning sensitive user data, as reported by Cybernews on January 8. However, the exchange countered accusations of a major data breach regarding a misconfigured storage system.
The Cybernews researchers alleged that sensitive KYC data, including identification documents and credit card details, were publicly accessible due to this misconfiguration. It lead to exposing S3 buckets containing KYC details of about 230,000 Iranian citizens.
The leak of KYC data poses potential risks such as, identity theft, fraudulent transactions, and phishing attacks, which could inflict severe financial and personal damage on affected users.
While the reported flaw was swiftly fixed, the exchange, represented by security engineer Hossein Amini, strongly denied the claims. Amini affirmed that their internal investigation found no evidence of such an issue, confidently stating that their storage systems remain secure.
This incident has highlighted broader concerns about data security in the cryptocurrency industry, especially for platforms that gather personal information to comply with regulations. Despite these efforts, ensuring the safety of collected data remains challenging.
The crypto sector has experienced previous data breaches, notably affecting platforms like Strike and Kroll. These instances underscore the critical need for robust data security measures and efficient response strategies to combat potential breaches.
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