Evolve Bank’s Security Breach Exposes 33TB of User Data, Including Bitfinex Accounts

  • In a significant data breach, Evolve Bank lost 33 terabytes of user data due to an employee’s error.
  • The incident highlights the vulnerabilities in financial institutions regarding cybersecurity.
  • “We have contained the attack and have not detected unauthorized activity since May 31,” a bank spokesperson stated.

Evolve Bank experiences a critical data breach affecting 33 terabytes of user data.

Massive Data Breach at Crypto-Friendly Evolve Bank

Evolve Bank, known for its affinity towards cryptocurrency services, recently disclosed a significant data breach. On July 1, the bank announced via its official website that an employee had inadvertently clicked on malicious ransomware, leading to the loss of 33 terabytes of user data. This unfortunate incident underscores the growing cybersecurity threats facing financial institutions.

Details of the Compromised Data

The data breach was caused by the LockBit ransomware group, reportedly of Russian origin. The compromised data includes sensitive personally identifiable information such as names, addresses, social security numbers, tax identification numbers, dates of birth, account balances, and email addresses. The scale of this breach raises legitimate concerns about the potential exploitation of this data.

Impact on Associated Companies and Account Holders

The stolen data from Evolve Bank affects not only their direct clients but also extends to accounts linked with fintech companies such as Bitfinex, Nomad, and Copper Banking. Totalling 155,586 affected accounts, the breach could have extensive repercussions on these companies’ operations and user trust. Previous reports indicated that similar attacks had compromised the data of around 400,000 customers, with threats to leak KYC details if demands were unmet.

Bitfinex’s Response

Addressing concerns related to the breach, Paolo Ardoino, the Chief Technology Officer of Bitfinex, made statements to reassure affected users. He emphasized that Bitfinex systems remain secure and that there is no immediate threat from this breach to their platform. Nevertheless, this incident poses significant reputational risks and underscores the critical need for robust cybersecurity measures.

Conclusion

This significant data breach at Evolve Bank has served as a grave reminder of the persistent cybersecurity challenges in the financial sector. As institutions continue to integrate advanced technologies and cryptocurrency services, safeguarding sensitive data becomes increasingly paramount. Organizations must enforce stringent cybersecurity protocols and employee training programs to mitigate risks and protect users from similar incidents in the future.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

spot_imgspot_imgspot_imgspot_img

PRO Analysis

Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Hacker Siphons $230 Million in Crypto from WazirX Exchange, Transfers Majority to Ethereum (ETH)

A recent cyber attack on India's WazirX exchange resulted in the theft of $230 million worth of cryptocurrency. ...

BlackRock’s IBIT ETF Dominates with Record Inflows as Bitcoin Investment Confidence Grows

Bitcoin ETFs witnessed significant inflows recently, indicating strong investor interest. Market data reveals varied performance among different Bitcoin ETFs, reflecting investor...

Bitcoin’s Bullish Momentum: Will BTC Skyrocket Amid ‘Trump Trade’ and Ethereum ETF Launch?

Bitcoin has maintained its position above $60K, a significant achievement since mid-July. Several potential catalysts could influence BTC's trajectory. Will these...