et another popular cryptocurrency service provider has been hacked. LiteBit.eu is a European cryptocurrency broker which recently warned its users about suspicious activities on its servers. Someone successfully accessed company data, but it appears that all wallet balances are accounted for at the time of writing. None of the ID verification documents have been leaked either.
LITEBIT HACK IS PRETTY WORRISOME
It is good to know cryptocurrency service providers can suffer hacks without losing millions of dollars in customer funds. Usually, these sorts of hacks end with people losing money and companies closing their doors. LiteBit.eu is the latest company to suffer a hack, although the recent incident appears to be more of a data breach than anything else. In fact, no customer funds were stolen in the breach, which took place on August 5, 2017.
In an email to all customers, the company explained that their funds were safe and that ID verification documents were inaccessible to the hacker. However, the message noted that the hacker(s) had successfully obtained some server data. This was a pretty vague statement, but it seemed to confirm that no financial details had been leaked during the incident. That still could mean that the hacker might have obtained customer records including names and addresses, among other things. Hashed passwords may also have been stolen in the process, although this has not been officially confirmed.
Luckily, it appears the LiteBit team was able to identify the source of the data breach. The company has confirmed that the leak has been plugged, although they have not gone into specific details for the time being. A lot of cryptocurrency service providers suffer from issues which give hackers unauthorized access now and then. Indeed, that is how most exchange hacks have occurred in recent years. Something needs to be done to beef up platform security, lest more people end up losing valuable funds.