2 mins read News
  • Transak faces a cyberattack, exposing 92,554 users’ personal info, but assures no financial data was compromised in the breach.
  • A phishing attack led hackers to access IDs and selfies, but Transak confirms users’ funds remain safe due to its non-custodial platform.
  • Transak is taking immediate action to improve security after a breach exposed user data, offering identity monitoring to affected users.

The fiat-to-crypto payment gateway Transak was hacked, affecting 1.14% of users. The hacker collective Stormous took credit for breaking into the site and removing 300 GB of private data. The breach exposed personal information such as government IDs, selfies, and proof of address for 92,554 users. However, Transak assured that no financial data was compromised, stressing the importance of immediate security actions to protect its users.

Details of the Incident

A phishing attack that took advantage of an employee’s credentials caused the breach. The attacker then accessed Transak’s third-party KYC vendor system. Significantly, they retrieved names, dates of birth, and ID documents, but no email addresses, passwords, or financial information were affected. 

This provided some relief, as no funds or assets were compromised. Transak offers an additional degree of protection for cryptocurrency transactions because it is a non-custodial platform and does not retain user cash.

Company’s Response

Besides swiftly containing the breach, Transak engaged top cybersecurity experts and forensic teams to conduct an in-depth investigation. The breach points were identified, and the unauthorized access was halted. Moreover, the company is working on improving its training, software, and systems to prevent further phishing attacks.

Additionally, Transak has reached out to affected users, offering identity monitoring services to protect against potential misuse. Moreover, relevant data protection authorities in the UK, EU, and US were notified of the breach, maintaining transparency throughout the process.

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Ongoing Cybersecurity Measures

In the wake of the breach, Transak continues to invest in system security, compliance, and reliability. Consequently, the company is also working on limiting future damage in case of another attack.

This instance, however, emphasizes the continued danger that cryptocurrency systems face from hacks. It is recommended that users exercise caution and keep an eye out for any unusual activities.

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