Facebook Loses Data for 267 Million Users, Calls Libra Security Into Question

[cheezcarls]

Following the exposure of 400 million users in September, Facebook has suffered another data breach. This failure resulted in the exposure of more than 267 million users, mostly residing in the U.S.

The data that was exposed included personal information including names, numbers, and login information. The breach was discovered by an independent security consultant in Kyiv Ukraine—Bob Diachenko.

Source link here

Okay so this is where Facebook is so vulnerable, and Libra would be on a hot seat because security is a major concern.

In my own opinion, I cannot tell whether it can address security issues yet. However, I'm not a fan when it comes to Libra, but I might not definitely believe that Libra would unleash it's true potential in terms of security.

I have a question to you guys. Despite that Facebook suffers another security breach, would that mean our own data with Libra might suffer the same thing later on?

Of course, if you buy and hold Libra, securing your data will be one of the top priorities. What would be your reaction, opinion or feedback about this situation? Thanks in advance.

[TinaK]

LOL it is really night mare for the Facebook team.

Sometime investors are looking for the best investment opportunities to make good money from centralized projects. If such people goes to them only. This is good stab or knock for them.

[Teraboy]

When libra runs on the decentralized network and that will improve the security of the libra itself as so many nodes are securing the network. About the scandal of facebook and that's what will be happened when you are trusting the centralized tech.

Basically, to talk about the security of libra doesn't make sense as the nodes will be running by all of the libra pratnership and that will make libra becomes decentralized and it can't be hacked easily like what already happened with facebook.

[zhekinsp]

Anything which is in under control of someone has the security breach risks because they own the entire control and if some hacker find a way to break that security shield then everything will be gone that is why centralized projects will not make better future.Facebook itself selling data so they won't consider this as breach only loss to them.

[tippytoes]

When libra runs on the decentralized network and that will improve the security of the libra itself as so many nodes are securing the network. About the scandal of facebook and that's what will be happened when you are trusting the centralized tech.

Basically, to talk about the security of libra doesn't make sense as the nodes will be running by all of the libra pratnership and that will make libra becomes decentralized and it can't be hacked easily like what already happened with facebook.

To put it this way, system of facebook and libra would be different from each other. Aside from that, FB team has already learned their lessons, so I don't think they will ruin the reputation of Libra as they are just starting to introduce it in public. They will be very careful in security matters especially they are in the hot seat. They will show their best foot forward in order to make this project happen.

[princecharles]

The issue of Facebook data breach is getting more recurrent in the news. We heard about the issue not too long ago and I remember it was one of the reasons that informed the European Union regulations. I do hope that Facebook can put their house in order and stop the data breach issues for repeating itself.

[cryptoaddictchie]

Libra is a crypto related project facebook isn't. It's a social media open for public. Security breached is a serious issue and Libra should address this kind of threat when it comes to asset matter. The social info that got stolen is like valuable as well like our asset. If they can't address their problem with Facebook how do they can maintain a safe ecosystem for the Libra Platform? It's a challenge for them. But hoping they can seal the deal when Libra's out to the public.

[el kaka22]

This was your data that you were willing to share on facebook for example, like literally given away, sure not for marketing and other stuff but you shared them knowingly. Now, think about what could potentially happen if your whole financial statement was stolen? You could literally be watched over like a hawk by the marketing departments to see what you spend your money the most.

We are already dealing with these kinds of stuff like crazy where marketing agencies are dealing like crazy to actually come up with who to market exactly what product, putting money on top of that would be end of the world. Whatever you are spending your Libra on will in return come back as 100 mails + 5 phone calls + all online ways as a marketing back to you. This is no joke, facebook can't be reliable for our finances.

[livingfree]

I have a question to you guys. Despite that Facebook suffers another security breach, would that mean our own data with Libra might suffer the same thing later on?

Of course. It is centralized and they might ask for KYC just to become eligible to use their Libra token. I've read about a post before that whenever someone changes his information on facebook, there's a trigger that's also being saved by one agency. I can't remember if it's the FBI or obviously it's facebook themselves.

Think of this, if our data were breached so it's likely that financial transactions which will be made on Libra can also be breached and get the records by those guys on mask.

[metalglowd]

Anything which is in under control of someone has the security breach risks because they own the entire control and if some hacker find a way to break that security shield then everything will be gone that is why centralized projects will not make better future.Facebook itself selling data so they won't consider this as breach only loss to them.

And I think this can also happen to the blockchain, do you think that nobody made a blockchain system, however there must be someone behind the control of the blockchain ?
Even so far we still not see any proof that blockchain can be hacked, only some exchanges right ? But still, its still possible that blockchain will be in breach someday.

[Kyraishi]

Hard to believe a project will succeed when the company backing it is making these types of astronomical mistakes

Anyways, I think that there is already enough doubt with the Libra project to call it at least on halt right now. There is really no reason to believe that regulators will change their stance on the matter any time soon either.

It'll be up to FB if they are stubborn and want to continue, but I don't think that is a viable path.

[alyssa85]

When libra runs on the decentralized network and that will improve the security of the libra itself as so many nodes are securing the network. About the scandal of facebook and that's what will be happened when you are trusting the centralized tech.

Basically, to talk about the security of libra doesn't make sense as the nodes will be running by all of the libra pratnership and that will make libra becomes decentralized and it can't be hacked easily like what already happened with facebook.

It won't be decentralised - that's the point. It will be a centralised stablecoin controlled solely by Facebook - there arn't any partners left, most of them have dropped out. With all the risks of a centralised system like losing people's data (and wallet keys if Libra goes ahead).

I'm pretty sure that all the regulators will kill Libra before it gets going because of the above risks.

[CjMapope]

damn, ANOTHER data breach at fbook.  I guess thinking about it tho, what do i even HAVE on there that i care about?  not much i dont think lol
I find myself wondering WHY hackers would target facebook, to control accounts that were sleeping? hmmm
This situation is something that might be commonplace in the future, Where a company tokenizes, then suffers a dat breach of some sort, and that causes their tokento fall
its like how i imagine stocks react, but the open distro of cryptos means it could swing MASSIVELY
Good thing Libra isnt live yet haha

[TastyChillySauce00]

Facebook should add data breach into their company culture as a yearly event. Yeah, they are big company, everyone targeting them but to be breached so many times it's stupid. Good thing their Libra is not approved and I guess in the future the project will be cancelled.

There are nothing a hundred percent safe online. Facebook's users' data breach is now a common incident, such a shame for facebook authority and the same shame should fall into Binance and other big crypto exchange that has been hacked several times. However, I don't think Libra will have strong security for the users or buyers of it, as facebook itself is not safe, but Libra can be different too, there is a possibility that Libra will have stronger privacy.

The things are, facebook have made two grave mistakes and these are violating their own users privacy and getting data breached frequently. It's just a big warning for whoever soul out there trying to convert their money into Libra if their project is launched which I don't think will.

[NathanJB]

Sometimes people are calling Libra as a Facebook project and Facebook as the owner of Libra. I think this is wrong.

People are thinking that Facebook and Libra are one. This is the reason why every time a single incident involving privacy which Facebook is facing, Libra is dragged into it. Libra is a different project. Facebook has thought of it but it will run and be managed by different companies and people.

[Pamadar]

Hard to believe a project will succeed when the company backing it is making these types of astronomical mistakes

Anyways, I think that there is already enough doubt with the Libra project to call it at least on halt right now. There is really no reason to believe that regulators will change their stance on the matter any time soon either.

It'll be up to FB if they are stubborn and want to continue, but I don't think that is a viable path.

Another bad publicity for this incoming project, doubts will circulate along the entire industry and for sure many will again lose their trust and won't
support any actions from FB and Libra projects. Security is one of the main factor from this business and with such news spreading around it will
affect the interest of possible investors.

[crwth]

Continuous adverse events with regards to Facebook would automatically connect to Libra. It wouldn't be enough to get it off the ground. I think it's best to consider that they are different entities that serve a different purpose. One is for connecting people, and the other is a currency that could potentially help people understand the use of cryptocurrencies.

I do think that it should be considered two different things and not connect both for mistakes that could come along the way.

[zeze18]

Not use if it really a breach since facebook is one of the biggest tech company in the world, or the facebook itself "selling" the people's data for any certain interests ? Facebook is not really 100% with libra which we could see from it's many partnership are stepped down from them because of something that we don't know.

[knuckey]

This incident certainly becomes a consideration when someone wants to invest in libra, because of user data is not a trivial thing, it is a valuable privacy asset. Indeed facebook and libra are different platforms, but both are created by the same person and it is possible that these two platforms will be integrated. So, if user data can leak, how can libra protect valuable assets later? Of course, these questions and concerns will continue to arise, because there is no discussion on this issue from the parties concerned.

[setialovers]

In my opinion, Facebook is not the first time the data has been compromised either intentionally or not. There have been cases where user data has been sold and become a scandal but in my opinion it has nothing to do with the Libra project because in my opinion it will definitely be made separate from Facebook and made as a separate business entity