Bitfinex CTO Dismisses Data Breach Speculations, Ensures Crypto Security for BTC and ETH Traders

• Bitfinex’s CTO, Paolo Ardoino, has debunked rumors of a suspected data breach on the crypto exchange’s platform.
• Ardoino has highlighted inconsistencies in the hackers’ claims, noting that only 5,000 of the 22,500 broadcasted emails matched with Bitfinex users.
• According to Ardoino, initial investigations suggest that the hackers collected a database of emails and passwords likely from different crypto breaches.

Bitfinex’s CTO, Paolo Ardoino, debunks rumors of a data breach, highlighting inconsistencies in the hackers’ claims and assuring users that the platform’s systems remain secure.

Bitfinex CTO Debunks Data Breach Rumors

Bitfinex CTO Paolo Ardoino has debunked rumors of a suspected data breach on the crypto exchange’s platform. In a recent post, Ardoino explained that the information broadcasted by the alleged hackers is false and not derived from the crypto firm’s database. He acknowledged the widespread panic among crypto users following the rumored database breach and highlighted inconsistencies in the hackers’ claims.

Irregularities in Hackers’ Claims

The alleged hackers posted two mega links with sample data containing 22,500 records of email and passwords. Ardoino noted that Bitfinex does not store plaintext passwords nor 2FA secrets in clear text, making it impossible for anyone to access such details from the platform. He further explained that only 5,000 of the 22,500 broadcasted emails matched with Bitfinex users, insisting that only a 100% match rate could prove the broadcasted information was from Bitfinex.

No Contact from Alleged Hackers

Ardoino informed his followers that the alleged hackers did not contact Bitfinex. The hackers published the post on April 25, giving the firm a 7-day ultimatum to contact them. However, Ardoino and his team only learned about the post on May 3. He noted that the hackers could have explored any available channels to demand a ransom, such as Bitfinex’s bug bounty, customer support ticket, emails, or social media accounts.

Investigations Reveal Likely Source of Data

According to Ardoino, initial investigations suggest that the hackers collected a database of emails and passwords likely from different crypto breaches. He noted that many crypto users unfortunately use the same email and passwords across multiple sites. He assured users that Bitfinex is performing a deep analysis of its systems and hasn’t found any breach. The CTO also noted that his platform’s KYC has a heavy rate limit that would disallow downloading in bulk.

Conclusion

In conclusion, Bitfinex’s CTO has debunked rumors of a data breach on the platform, highlighting inconsistencies in the hackers’ claims and assuring users of the platform’s security. The incident serves as a reminder for crypto users to use unique passwords across different platforms to ensure their security.