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Bitfinex Data Breach Raises Concerns Amid Doubts on Hack’s Veracity

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Bitfinex Data Breach Raises Concerns Amid Doubts on Hack's Veracity

  • A breach involving 2.5TB of data has reportedly occurred, exposing sensitive information.
  • The CTO of Bitfinex has expressed skepticism about the veracity of the hack.

The devastating revelation of a massive data breach has shocked the world-renowned crypto exchange Bitfinex. A breach involving 2.5 terabytes of data has reportedly occurred, exposing sensitive information belonging to almost 400,000 consumers.

Because of the previous attack, people are understandably worried about the safety of their accounts and funds, and this news has added fuel to the fire. The chief executive officer of Tether and CTO of Bitfinex, Paolo Ardoino has expressed skepticism about the veracity of the hack in light of these worrying developments. According to his skeptical assessment, the scenario “seems fake” given the information that is now available.

No System Breach

As more information about the data leak becomes public, the CEO of Tether has provided some commentary on the matter. He did not deny that the data was compromised, but he raised issues that cast doubt on the breach’s veracity.

A sample dataset including 22,500 records of email addresses and passwords was allegedly released by the accused hackers in two mega links, according to the CTO. Nevertheless, he stressed that Bitfinex does not save 2FA secrets or plaintext passwords in plaintext.

In addition, out of 22,500 emails, only 5,000 are associated with Bitfinex users. The CEO also pointed out that the hackers had not been in touch with Bitfinex directly, suggesting that they had set a deadline for contact in their first statement.

Even though it’s a scary scenario, Tether’s CEO informed consumers that their systems haven’t been breached yet after a comprehensive review. He went on to mention the stringent security precautions that are already in place, such as the KYC platform’s strong rate limitation that prevents large data downloads.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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