QuickBit Data Leak Exposes Around 300,000 Customer Records

QuickBit, a Sweden-based cryptocurrency exchange, have reportedly leaked details of around 300,000 customer records.

Cybersecurity research company Comparitech and cybersecurity expert Bob Diachenko first uncovered the leaked database in early July. In its report, Comparitech said the database containing the users’ information was freely available online.

The records included customer’s full names, addresses, email addresses, user gender, and dates of birth.

QuickBit Data Leak Exposes Around 300,000 Customer Records

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QuickBit later confirmed the incident in a series of posts on its blog. The exchange added that no passwords, social security numbers, or cryptocurrency keys were exposed.

The exchange claimed that a third-party contractor left the data unsecured while upgrading the security of the database. Security researcher Paul Bischoff who detailed the incident said that the QuickBit team pulled the database on July 3.

Conflicting Statements

However, in the QuickBit statement, the leak exposed the personal information of only around 2% of its customers. If the exchange’s claim is accurate, the figure will not reach the estimated 300,000 people mentioned by some reports.

But Comparitech claimed that in addition to the exposed database, it had found other 143 records with internal credentials. These include merchants, names, passwords, secret keys, secret phrases, user IDs, and additional sensitive information.

Whichever is accurate, the breach is the latest incident that has affected the cryptocurrency market. The market is no stranger to hacks and security breaches.

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Earlier, Bitmarket, a Polish cryptocurrency exchange, shut down its operations citing its inability to meet obligations after an attack. Before this, Bitrue also confirmed that hackers had stolen a little less than $30 million from its coffers.

Cyberattacks on the Rise

Matthew Honea, director of cybersecurity at Guidewire Cyence Risk Analytics, said data breaches were on the rise. A 2018 report by security software developer McAfee backed Honea’s statement. It revealed that 61% of IT professionals had experienced at least one data breach during their careers.

In an interview with TechRepublic, Honea cited reliance on technology as the reason for the growth of cyberattacks. He said that hackers are quickly adapting to security updates and trends, which increases the vulnerability of companies. Hackers now use a variety of methods, including data mining and AI.

The cyber attackers also target a wider range of entryways, from the cloud to smart appliances in accessing data.

Honea also warned that the emergence of 5G and broader IoT capabilities could further increase cyber risks. Despite providing significant business advantages, these new technologies also require more advanced security protocols to address enhanced breach methods.

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