Over 161,400 users of 'BuyUCoin', a cryptocurrency Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term based in India, have reportedly been the victims of a personal data breach.
News of the breach originally broke on January 21st, when cybersecurity researcher, Rajshekhar Rajaharia posted screenshots of the leaked data on Twitter.
Trading in #cryptocurrency? 3.5 Lakh Users data including me leaked From @buyucoin. The leaked data contains Name, Email, Mobile, bank account numbers, PAN Number, Wallets Details etc. Again didn't informed to affected users by company.
Story - https://t.co/rUrfSQ96Z1#InfoSec pic.twitter.com/1xFOtLcd8F
— Rajshekhar Rajaharia (@rajaharia) January 21, 2021
Inc42, an Indian news outlet, reported that a group of hackers known as the 'ShinyHunters' was responsible for the leak. The group hacked into a database that contained names, bank account details, email addresses, phone numbers and tax identification numbers that belong to the exchange’s users. Data detailing certain users' trading activities were also leaked.
The number of affected individuals was originally thought to be 325,000, all of the exchange’s users. However, Bleeping Computer later reported that the breach only seemed to have affected half of the exchange’s users.
CoinTelegraph reported that BuyUCoin initially either was not aware of the attack or was attempting to downplay the effects of the hack, claiming at first that not even a single customer was affected by the data breach; the statement also referred to the news of the attack as 'rumors'.
However, eventually, the exchange released another statement saying that it was “thoroughly investigating each and every aspect of the report about malicious and unlawful cybercrime activities by foreign entities.” Additionally, the exchange said that user funds were not affected, adding that 95% of the funds in its custody are kept in Cold Storage
Cold Storage
Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to send cryptocoins.Benefits of Cold StorageMany cryptocurrency experts recommend that you don’t keep your coins on an exchange at all rather, keeping them in a cold wallet of your own. Overall, cold storage helps control for a number of threats such as theft.This includes signing transactions with private keys in an offline environment. However, transactions initiated online are temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer. This itself creates risks that must be accounted for.These private keys can be stored in several different ways. By extension, when they are stored inside of a device that is connected to the internet, they are said to be in a hot wallet.When they are stored in a device (i.e. a hardware wallet) that is not connected to the internet, or on a piece of paper (a paper wallet), they are said to be in cold storage.Because cryptocurrencies that are kept in cold storage do not have an active connection with the internet, cold storage is considered to be a much safer method of keeping coins secure. After all, you can’t hack into a piece of paper.When searching for a cryptocurrency exchange, it is imperative to make sure that the exchanges you use keep their cryptocurrencies in cold storage. This vastly reduces the risk of losing the funds that you keep on an exchange to a hacker.
Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to send cryptocoins.Benefits of Cold StorageMany cryptocurrency experts recommend that you don’t keep your coins on an exchange at all rather, keeping them in a cold wallet of your own. Overall, cold storage helps control for a number of threats such as theft.This includes signing transactions with private keys in an offline environment. However, transactions initiated online are temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer. This itself creates risks that must be accounted for.These private keys can be stored in several different ways. By extension, when they are stored inside of a device that is connected to the internet, they are said to be in a hot wallet.When they are stored in a device (i.e. a hardware wallet) that is not connected to the internet, or on a piece of paper (a paper wallet), they are said to be in cold storage.Because cryptocurrencies that are kept in cold storage do not have an active connection with the internet, cold storage is considered to be a much safer method of keeping coins secure. After all, you can’t hack into a piece of paper.When searching for a cryptocurrency exchange, it is imperative to make sure that the exchanges you use keep their cryptocurrencies in cold storage. This vastly reduces the risk of losing the funds that you keep on an exchange to a hacker.
Read this Term.
Personal Data Breaches Can Have Serious Consequences for Users
Moreover, Inc42 reported that ShinyHunters has leaked user data from other Indian companies, including "Juspay, Clickindia, Chqbook and Bigbasket." Because each of these hacks resulted in a data 'dump', all of the data appears to have been stolen through breaches of the companies' servers.
As cryptocurrency exchange asset custody has improved over the last several years, large-scale thefts of digital assets from crypto exchanges are less and less common. However, personal data breaches are still a fairly regular occurrence, and they can have dire consequences for users.
Beyond the risk of identity theft, users whose data has been breached often become the victims of phishing and data ransom attacks.
Following a data breach that affected a number of users of Ledger hardware wallets in mid-2020, Finance Magnates reported that competing hardware wallet firm, Trezor told its users to be wary of phishing attacks by malicious actors.
Indeed, Trezor suggested that the attackers were using data obtained from the hack of Ledger’s e-commerce database and blindly sending texts to customers. The texts contained fake phishing links for the users to enter their seeds.
Over 161,400 users of 'BuyUCoin', a cryptocurrency Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term based in India, have reportedly been the victims of a personal data breach.
News of the breach originally broke on January 21st, when cybersecurity researcher, Rajshekhar Rajaharia posted screenshots of the leaked data on Twitter.
Trading in #cryptocurrency? 3.5 Lakh Users data including me leaked From @buyucoin. The leaked data contains Name, Email, Mobile, bank account numbers, PAN Number, Wallets Details etc. Again didn't informed to affected users by company.
Story - https://t.co/rUrfSQ96Z1#InfoSec pic.twitter.com/1xFOtLcd8F
— Rajshekhar Rajaharia (@rajaharia) January 21, 2021
Inc42, an Indian news outlet, reported that a group of hackers known as the 'ShinyHunters' was responsible for the leak. The group hacked into a database that contained names, bank account details, email addresses, phone numbers and tax identification numbers that belong to the exchange’s users. Data detailing certain users' trading activities were also leaked.
The number of affected individuals was originally thought to be 325,000, all of the exchange’s users. However, Bleeping Computer later reported that the breach only seemed to have affected half of the exchange’s users.
CoinTelegraph reported that BuyUCoin initially either was not aware of the attack or was attempting to downplay the effects of the hack, claiming at first that not even a single customer was affected by the data breach; the statement also referred to the news of the attack as 'rumors'.
However, eventually, the exchange released another statement saying that it was “thoroughly investigating each and every aspect of the report about malicious and unlawful cybercrime activities by foreign entities.” Additionally, the exchange said that user funds were not affected, adding that 95% of the funds in its custody are kept in Cold Storage
Cold Storage
Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to send cryptocoins.Benefits of Cold StorageMany cryptocurrency experts recommend that you don’t keep your coins on an exchange at all rather, keeping them in a cold wallet of your own. Overall, cold storage helps control for a number of threats such as theft.This includes signing transactions with private keys in an offline environment. However, transactions initiated online are temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer. This itself creates risks that must be accounted for.These private keys can be stored in several different ways. By extension, when they are stored inside of a device that is connected to the internet, they are said to be in a hot wallet.When they are stored in a device (i.e. a hardware wallet) that is not connected to the internet, or on a piece of paper (a paper wallet), they are said to be in cold storage.Because cryptocurrencies that are kept in cold storage do not have an active connection with the internet, cold storage is considered to be a much safer method of keeping coins secure. After all, you can’t hack into a piece of paper.When searching for a cryptocurrency exchange, it is imperative to make sure that the exchanges you use keep their cryptocurrencies in cold storage. This vastly reduces the risk of losing the funds that you keep on an exchange to a hacker.
Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to send cryptocoins.Benefits of Cold StorageMany cryptocurrency experts recommend that you don’t keep your coins on an exchange at all rather, keeping them in a cold wallet of your own. Overall, cold storage helps control for a number of threats such as theft.This includes signing transactions with private keys in an offline environment. However, transactions initiated online are temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer. This itself creates risks that must be accounted for.These private keys can be stored in several different ways. By extension, when they are stored inside of a device that is connected to the internet, they are said to be in a hot wallet.When they are stored in a device (i.e. a hardware wallet) that is not connected to the internet, or on a piece of paper (a paper wallet), they are said to be in cold storage.Because cryptocurrencies that are kept in cold storage do not have an active connection with the internet, cold storage is considered to be a much safer method of keeping coins secure. After all, you can’t hack into a piece of paper.When searching for a cryptocurrency exchange, it is imperative to make sure that the exchanges you use keep their cryptocurrencies in cold storage. This vastly reduces the risk of losing the funds that you keep on an exchange to a hacker.
Read this Term.
Personal Data Breaches Can Have Serious Consequences for Users
Moreover, Inc42 reported that ShinyHunters has leaked user data from other Indian companies, including "Juspay, Clickindia, Chqbook and Bigbasket." Because each of these hacks resulted in a data 'dump', all of the data appears to have been stolen through breaches of the companies' servers.
As cryptocurrency exchange asset custody has improved over the last several years, large-scale thefts of digital assets from crypto exchanges are less and less common. However, personal data breaches are still a fairly regular occurrence, and they can have dire consequences for users.
Beyond the risk of identity theft, users whose data has been breached often become the victims of phishing and data ransom attacks.
Following a data breach that affected a number of users of Ledger hardware wallets in mid-2020, Finance Magnates reported that competing hardware wallet firm, Trezor told its users to be wary of phishing attacks by malicious actors.
Indeed, Trezor suggested that the attackers were using data obtained from the hack of Ledger’s e-commerce database and blindly sending texts to customers. The texts contained fake phishing links for the users to enter their seeds.