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Users of Indian crypto exchange BuyUCoin have reportedly being affected by a breach compromising personal data of more than 325,000 people. BuyUCoin Exchange Officials initially denied the reports of this data breach, but later added that all user funds are safe after a confirmation statement was released by the Company. 

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According to a report from An Indian security researcher, a hacking group by the name of ShinyHunters leaked a database containing the names, phone numbers, email addresses, tax identification numbers and bank account details of more than 325,000 BuyUCoin users. However, a later report from Bleeping Computer shows the leaked data may only contain information from 161,487 BuyUCoin Customers.

Cybersecurity researcher Rajshekhar Rajaharia posted screenshots of the leaked data on Twitter, This is not the first time attempts like this are played towards the Exchange, users had their personal data compromised in June and July 2020 affecting 272,853 people who ordered hardware wallets from the Exchange.

BuyUCoin initially claimed that “not even a single user was affected” by the data breach and referred to the reports as “Untrue,” but has since released a statement saying it was “thoroughly investigating each and every aspect of the report about malicious and unlawful cybercrime activities by foreign entities.” The exchange added that all user funds were “safe and sound within a secure environment” as it reported “95% of the exchange resources were kept in a cold storage inaccessible by any server breach”

Though no funds have reportedly been withdrawn from the breach in the exchange, there are still potential risks to BuyUCoin users.Some users have since reported receiving threatening emails with demands for a crypto ransom to be paid within 24 hours or they will face “horrifying” consequences.

“What if someone used my account in any illegal activity?” said Rajaharia in a follow up tweet because he is also a BuyUCoin user and has called the exchange’s initial response “irresponsible”. While real world attacks to steal crypto are much rarer than hacks or scams, they do occur. Whether concerned for their data, Assets or their physical well being, some BuyUCoin users expressed their frustration with the reports of the breach.

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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