Leading cryptocurrency is on the ramp. Transak has revealed a major data hack compromising the personal data of about 92,000 customers. Following a phishing assault compromising an employee’s laptop, the breach resulted from a hostile actor gaining accessto private user data kept in a third-party system utilized for identity validation.
Names, birth dates, passports, driver’s licenses, and photographs of impacted consumers were among the leaked records. Transak has verified nonetheless that the assault did not breach any financial information—that is, email addresses, phone numbers, passwords, credit card data, or Social Security numbers.
Affecting around 1.14% of Transak’s user base, the hack was discovered and posted officially on October 21 in a blog post. The attack targeted credentials provided by a third-party Know Your Customer (KYC) provider handling document scanning and verification services for Transak.
An official statement from Transak: https://t.co/fIYNcsg6LU pic.twitter.com/oBU2adLDI4
— Transak (@Transak) October 21, 2024
Transak, a company that connects with sites such as Binance, MetaMask, and Coinbase and offers fiat-to-cryptocurrency gateway services, has informed impacted consumers and reassured others that their information remains unaffected if they have not received direct correspondence. The firm has also informed the US, European Union, and United Kingdom authorities about the hack and the relevant regulations.
Although the event sparked questions over data security in the cryptocurrency market, Transak has responded to the problem and keeps on running its business, offering tools that let consumers purchase and sell digital assets using fiat money.
Following previous events in the banking industry, this hack emphasizes the continuous necessity of more robust cybersecurity policies across many sectors. Despite the setback, Transak remains committed to enhancing its security systems and protecting user information from potential threats.
