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QuickBit, a Sweden-based Crypto Exchange Announces a Breach on Its User Data

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Quickbit experiences a data breach

Quickbit, a Swedish crypto exchange has faced a breach of delicate user data. The exchange made an official statement unveiling that this problem came from database issues.

Per the official, this breach resulted in the leakage of personal details such as names, addresses, email addresses, and card information. However, the firm noted that this event only affected 2 percent of its client base.

According to the statement, this incident did not leak any passwords or social security numbers. Also, the exchange noted that the breach did not expose complete account or credit card information. On top of this, Quickbit claimed that it did not affect any client’s crypto or private keys. As a result, the firm believes that all customer transactions went unaffected.

Prior to the official statement, the exchange published its suspicions on the data event on July 19. The firm noted that this breach neither affected its crypto holdings nor those of its users.

Shortly after this publication, Jörgen Eriksson, Quickbit’s managing director said,

QuickBit has been notified by external security experts that some data has been poorly protected. The company has immediately taken the necessary steps to secure the system concerned.

Measures to Prevent Future Data Breaches

In the official statement, the exchange explained how the breach happened. It noted,

QuickBit has recently adopted a third-party system for supplementary security screening of customers. In connection with the delivery of this system, it has been on a server that has been visible outside QuickBits firewall for a few days, and thus accessible to the person who has the right tools.

The exchange claimed that its technicians had taken measures to prevent similar events in the future. For instance, the exchange claims that its IT team had protected all its servers.

Apart from this, the exchange noted that it would publish a public version of its report detailing this breach on its site.

This news comes after prosecutors sued Bithumb crypto exchange for its alleged failure to protect its users’ data. As a result, this led to the platform’s most recent hack, which saw it lose $7 million of user funds.

According to the prosecutors, the exchange stored user data on employee computers without encryption. Also, they believe Bithumb did not install security upgrade software.

Before the $7 million attack, Bithumb suffered another attack in March this year. This hack saw the exchange lose $13 million worth of EOS.

Do you think crypto exchanges have adequate data protection systems? Let us know in the comments section below.

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