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Author Topic: Hacker Stole 1,000 Traders’ Personal Data From CryptoTrader.Tax  (Read 332 times)
DraGonD
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August 28, 2020, 12:36:59 PM
 #41

Thats why is better to not share with anyone any kind of personal data in crypto
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August 28, 2020, 12:46:54 PM
 #42

The damage doesn't seem to be that serious, but I guess we can only see that when the hacker starts using the data they stole to their advantage. I bet it wasn't the core of the company's security system that was breached but just one employee's account. I wonder if "took steps to improve security measures and monitoring systems across internal and third-party applications" also includes informing the owners of the compromized accounts and compensating those that took a huge toll from the breach.
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August 29, 2020, 06:36:35 PM
 #43

this is yet another reminder to use a different email address for every service though---if it gets leaked, no big deal.

And in fact this is possible, just create as many protonmail emails as you want. Though if they only stole email addresses and names then the worst they can do with it is get revenue by selling them to marketers that will send you spam offers. That would be pretty juvenile of them.
While this is correct for the most part people are very lazy when it comes to their security, they prefer to use one email for every single one of their accounts and even sometimes they use the same password, I have no doubt that the hackers know this and they are trying to get access to all the accounts they got in this hack to try to steal money or even more information out of them.

And this is something that I have always found confusing, it is true that it is a little bit more of work to create more email accounts and different passwords for each one of your accounts but it is completely necessary, because in this market once you lose your coins you lose them for good with no possibility to get them back.

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August 31, 2020, 03:19:49 PM
 #44

This and other similar hacking incidents underscore the need to accelerate the transition to Web 3.0 or the decentralized Internet, where user data is stored on a data blockchain and it is difficult or impossible to hack this data.
Of course, this is one of the biggest disadvantages of centralization when you give your data to any central site, whether an exchange, platform, customer service, or anything, your data is in danger because the site can be hacked, as happened here, or it can be stolen by the employees on the site itself.

AicecreaME
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September 02, 2020, 11:29:36 AM
 #45

This is a very dangerous scenario.

Lots of clients information were stored in their database that’s why they must protect and secure it as strictly as they can. The information and profiling of a client should not be leaked as it holds a vital role in accessing their accounts and their transactions. With this happened, the hacker can anytime use their information for wrongdoings and can possibly monitor them or steal from them.

The cryptotrader.tax should’ve prevented this from happening if only they put high and strict security measures to prevent hackers from penetrating their website database. They must really took steps to improve their security to earn their current and future customers trust again. They must look into all angles as it is possible that an inside job happened.

May this become a lesson for each companies to always maintain the strict security measures of their websites and database. A little negligence from their responsibilities can surely cost them a lot if something like this happens.

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wxa7115
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September 03, 2020, 05:34:25 PM
 #46

The cryptotrader.tax should’ve prevented this from happening if only they put high and strict security measures to prevent hackers from penetrating their website database. They must really took steps to improve their security to earn their current and future customers trust again. They must look into all angles as it is possible that an inside job happened.
This idea that everything can be prevented is a mistake, hackers are very smart and if needed they can wait for years in order to obtain the necessary information to make their hacks a reality, it is impossible to stop something that you do not see and hackers are experts at hiding themselves in plain sight, what this demonstrates is that the idea of giving your information to a centralized institution and relying on them to protect it is flawed.

We need to move to true decentralization in which exchanges do not ask for that kind of information that way hackers cannot steal it because they simply do not have it, but obviously many entities are against this because this limits their power.

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September 04, 2020, 04:30:48 AM
Last edit: September 04, 2020, 07:34:26 AM by gabbie2010
 #47

Thats why is better to not share with anyone any kind of personal data in crypto
Personally I think an insider must have been involved in the security breach involving cryptoTrader.Tax, he must have been responsible for sharing some important and vital documents for the hacker to gain easy access to the site so as to perpetuate the crime,  hackers are getting sophisticated in their performing the dastardly act of hacking thus exchanges and other crypto sites must ensure that their security firewall must be well fortified.
A through investigation must be made to ascertain those involved and an arrest must be made, while those culpable for the hack must be prosecuted this will serve as deterrent to other hackers.

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September 04, 2020, 05:14:51 AM
 #48

This and other similar hacking incidents underscore the need to accelerate the transition to Web 3.0 or the decentralized Internet, where user data is stored on a data blockchain and it is difficult or impossible to hack this data.
Of course, this is one of the biggest disadvantages of centralization when you give your data to any central site, whether an exchange, platform, customer service, or anything, your data is in danger because the site can be hacked, as happened here, or it can be stolen by the employees on the site itself.

that web 3.0 you said sounds cool but web decentralization can be achieve by using private internet like vpn's .

no one can trace you that way but there still a problem , what if the site is still centralized ? hackings and stealings can still occur .  i heard that many businesses are now planning to support blockchain on thier system. this step can be the only solution to solve major problems that we faced day by day .

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September 04, 2020, 06:26:46 AM
 #49

I'm just wondering how they know the other information such as the passwords are not in custody of the hacker. It is not unbelievable to see hacker stealing information but it become worrisome when they have direct access to your account. The hacker might not compromise the password by changing it but might know the passwords. This is part of the reason why people have not supporting centralized platforms

But on that case that they have personal data of different users, they can steal money whenever they want. Personal information and details are very very important and shouldn't be ignored because the fate of your account is dependent on that. If they know the password of your account then it is more likely that you are the next target and you will suffer the most. Centralized platforms are somehow good but still it do have a downside. All of the things in the world have advantages and disadvantages that's why you need to deal with both. Hackers are unstoppable and unpredictable when they will act or move, so always be aware and mindful.

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September 04, 2020, 06:55:35 AM
 #50

Lately we are realizing that there is vulnerability in the platforms due to the frequency of how these hackers violate the security of the systems. We need more robust websites especially in the crypto field. What remains for us is to be more attentive to the websites we visit.

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September 04, 2020, 07:41:46 AM
 #51


that web 3.0 you said sounds cool but web decentralization can be achieve by using private internet like vpn's .

no one can trace you that way but there still a problem , what if the site is still centralized ? hackings and stealings can still occur .  i heard that many businesses are now planning to support blockchain on thier system. this step can be the only solution to solve major problems that we faced day by day .

This is what I meant by web 3.0. I did not mean to preserve privacy by using a VPN, web 3.0 means that there should be a blockchain for the Internet so that our data is stored on the blockchain and not on the site. In this way, all data is safe and difficult to hack or steal, and also cannot be sold (By the site itself) to someone else as it happens now.

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