Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Robinhood Hack – 7 Million of Users Exposed
1.5 k views
Marius Bogdan Dinu
@bdinu89
In today’s world, data is the new oil. Businesses everywhere compete to gather valuable data about their customers. This way, they can target them more effectively and boost their sales. Without customer and financial data, businesses cannot be successful. Similarly, data security is a critical facet of any thriving enterprise. As a result, companies funnel millions of dollars into advanced data security protocols to keep data theft at bay.
Nevertheless, we hear about security threats and data leaks from time to time. This time, the victim of a data hack is Robinhood, a popular investment application. The security breach exposed a considerable portion of its customers after hackers stole their data. This article covers the data security breach in greater detail.
About Robinhood
Robinhood Markets, Inc. is an American financial services company operating from Menlo Park, California. It launched in 2013 and today aims to democratize finance for all people. Also, its focus is always on facilitating the customer’s needs.
The hallmark of its services is a commission-free investment. Also, it offers resources and tools that should provide customers with a profitable ROI. Some of the company’s services include stocks, funds, gold, cash management, and cryptocurrency. Lastly, Robinhood offers people the power to become investors without having millions of dollars to pledge.
About the Data Security Incident
Security breaches rarely occur in a company’s system. However, when they do, going public is the company’s best choice. Simply put, the enterprise has to talk about it with its customers and shareholders. And, this is what Robinhood did in the wake of the hack.
According to a blog on the Robinhood website, the company experienced a data security incident on November 3.
A third party conducted the breach and gained access to a considerable amount of the customers’ personal. However, Robinhood’s security personnel contained the cyberattack proactively. Therefore, the hackers didn’t manage to steal social security numbers, bank accounts, or debit card details. Moreover, it reports that the hack did not cause financial loss to any of its clients.
The total number of customers whose data was vulnerable amounts to 7 million. It seems that the hackers accessed Robinhood’s customer support interface by tricking a CS agent through social engineering. According to the intel, the third party gained access to five million email addresses and the full names of two million other people.
Additionally, the hackers gained access to the information of 310 customers, including their name, date of birth, and zip code. However, only ten of these customers suffered complete personal data leaks.
Robinhood also states that after detecting the intrusion, the unauthorized party demanded an extortion payment to restore the data. However, instead of paying the ransom, the company contained the breach and contacted law enforcement. Robinhood also enlisted the services of Mandiant. The external cybersecurity firm should help prevent the cyberattacks from occurring again.
As the investigation continues, Robinhood has issued security advisories to its customers. Also, it guides them on how to secure their accounts better.
What to Do After a Data Security Breach?
Robinhood may be trying its best to contain the cyberattacks and prevent them from happening again. However, no one can tell whether the breach can happen again or not.
In the age of cryptocurrency and blockchain, security is a significant concern that needs addressing. A few months ago, Japan’s Liquid Global Exchange lost nearly $100 million in cryptocurrency. The hackers moved the money into different crypto wallets.
Due to the rising number of crypto hacks and data security breaches, companies must reevaluate their data security protocols. A company like Robinhood, which helps people deal with their investments, has to worry about data security. If the data breach consisted of bank accounts and debit card numbers, it would have compromised millions.
Most companies have revamped their entire security infrastructure after encountering a hack. Also, some of them utilize the rapidly growing blockchain technology to safeguard their customers’ personal information. Furthermore, following million-dollar hacks, companies have introduced compensation plans to reimburse their customers.
For example, Cream Finance imposed this measure following a massive attack, where hackers stole $18 million. Therefore, the company implemented a refund process to help customers recover their losses. Lastly, it plans to use a protocol to reimburse the customers using 20% of the transaction fees.
Conclusion
Btc
Bitcoin
$62.547
price
price
0.84959%
price change
Data security breaches can be quite concerning, not just for the customers but also for the company. After all, the latter is responsible for safeguarding millions of customers’ data. Therefore, it is high time that companies like Robinhood look into more efficient and advanced cybersecurity measures.
Previous
Reddit Co-Founder To Invest $100 Million In Social Media On Solana
Next
JPMorgan Predicts Bitcoin Price Going Up To $146k
Written by
Marius Bogdan Dinu
@bdinu89
312 posts
More author posts
How High Will Solana Go in the Next Bull Run?
Solana (SOL), a blockchain designed for decentralized applications (dApps) and crypto-currencies, has garnered immense attention from investors. As we approach the possibility of a new bull run, one of the most frequently asked questions is: How high will Solana go? Understanding Solana’s Strengths Solana's architecture, which combines proof-of-stake (PoS) and proof-of-history (PoH), makes it one of the market's fastest and most scalable blockchains today. This high transaction throughput has earned Solana the reputation of being an “Ethereum killer,” competing with…
9 months ago
The Rise of New Online Crypto Casinos And What to Expect in 2024
Over the years, the online gambling industry has evolved many times, adapting to new technologies and meeting the demands of players worldwide. One of the biggest transformations in recent times has been the use of cryptocurrency in the online gaming sector. As digital currencies become mainstream, a new type of online casino is emerging—crypto casinos that accept cryptocurrencies as their primary mode of transaction. The rise of new online crypto casinos in 2024 is fueled by several key factors, including…
10 months ago
Discover Top Tron Casinos in 2024
Cryptocurrency casinos are becoming increasingly popular. Among the digital currencies, Tron (TRX) has become a favorite for many online gamblers, offering speed, security, and low transaction fees. In 2024, many platforms are using this innovative technology making TRON casinos more exciting than ever. [caption id="attachment_365516" align="aligncenter" width="750"] https://www.pexels.com/photo/bitcoins-beside-a-phone-6771664/[/caption] How Exactly Do TRX Casinos Work? TRX casinos operate on blockchain, allowing players to deposit, wager, and withdraw using TRX cryptocurrency. TRX casinos function similarly to traditional online casinos, but they use…
10 months ago
A Complete How-To for Safe Ethereum Casino Gambling in 2024
For those who are unfamiliar with the idea, navigating the world of Ethereum casino gaming may be both thrilling and intimidating. Ethereum has gained appeal as a cryptocurrency due to its ability to provide gamers with a more secure and decentralized online gaming experience. But there are a lot of hazards and factors to take in mind, and the terrain can be complicated. This article is intended to assist you in entering Ethereum casinos securely and confidently. It offers you…
10 months ago
Singaporean Blockchain Wallet Security Company Discovers New Type of Scam Targeting Centralized Exchanges
Fraudulent Transactions Exploit Wallet Vulnerability, Could Have Stolen More than $3 Million in TRX CoinsDo, a Singaporean blockchain asset security company, has uncovered a sophisticated scam involving fake transactions and multiple smart contracts targeting major centralized cryptocurrency exchanges. While only a single successful instance of this scam has been confirmed, further analysis of the smart contracts in question revealed that the perpetrators initiated hundreds of these fake transactions, potentially defrauding exchanges, payment gateways, and centralized wallet companies of more…
10 months ago
Top 5 Cryptocurrency Exchanges to Use This Bull Run
Cryptocurrency exchanges are the junction points for the entire crypto industry. These digital platforms provide the main tools for buying, selling, or trading crypto assets. Millions of people use them daily, and their numbers skyrocket during a bull run like the one we're experiencing now. Despite the industry’s vast offering of over 300 crypto exchanges, we can’t even name two that offer an identical trading experience. Every platform has different liquidity volumes, safety standards, trading options, or tools. They also…
10 months ago
Publish your own article
Guest post article. Guaranteed publishing with just a few clicks
START PUBLISHING ADVERTISE WITH USBrowse categories
Explore trending topics in the crypto community right now.
Bitcoin
SEC Greenlights Multiple Bitcoin ETFs, Signaling Major Leap for Cryptocurrency Markets
The U.S. Securities and Exchange Commission (SEC) has made a landmark decision by approving 11 spot bitcoin exchange-traded funds (ETFs). This move represents a significant moment in the cryptocurrency industry, marking a shift towards greater institutional adoption and accessibility for investors. The approved ETFs include products from major firms such as BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETP Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, Invesco Galaxy Bitcoin…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 
597 views
Bitcoin Should be Banned in the United States: Charlie Munger
Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…
2 years ago 1.5 k views
Tesla’s BTC Positions Remained Unchanged in Q4 of 2022
According to a new earning report from automotive manufacturer Tesla, the company did not sell any of its BTC holdings in the fourth quarter of 2022. Amid speculations that the company had traded BTC during the testing bears, CEO Elon Musk revealed it was yet holding on to its BTC stash. Tesla Maintains Holdings After Initial Sell-Off In Q2 of 2022, Tesla opted to sell 75% of all its BTC. The car manufacturer received close to $950M in exchange. Notably,…
2 years ago 1.5 k views
Here’s When Grayscale Debates the SEC in Court on its Bitcoin Spot ETF
The District of Columbia Court of Appeals has marked a date for when Grayscale and the Securities and Exchange Commission (SEC) may present oral arguments regarding the approval of a Bitcoin spot ETF. Each side will present its case at 9:30 am ET on March 7, with the SEC arguing against the product, and Grayscale arguing in favor. Grayscale VS SEC The court date – revealed in a court order filed on Monday according to CNBC – is much earlier…
2 years ago 1.8 k views
Ethereum
Ethereum’s Zhejiang Staking Withdrawal Testnet for Shanghai is Live
At 15:00 UTC on Wednesday, the much-anticipated Zhejiang testnet for staking withdrawal went live on Ethereum’s Beacon chain. Zhejiang will enable the testing of the Ethereum Improvement Proposal (EIP) 4895 which allows for staking withdrawals. This is in preparation for the network’s next major update, the Shanghai hard fork slated to launch sometime in March. Users Can Make Simulated Withdrawals with Zhejiang In a tweet yesterday, DevOps engineer at Ethereum foundation Barnabas Busa gave details about the Zhejiang testnet slated…
2 years ago 1.6 k views
Ethereum Devs Disagree Over Technical Tweak as Shanghai Upgrade Nears
Post-merge Ethereum users have been eagerly awaiting the commencement of the network’s next major upgrade, Shanghai. However, after over 3 months of prep time, it appears the Shanghai rollout isn’t going as smoothly as expected. What Exactly is the Shanghai Upgrade? In September last year, the much-publicized Ethereum Merge also known as the Ethereum 2.0 upgrade went live. Ethereum underwent some significant changes as its consensus mechanism transitioned from proof-of-work to a cost-efficient proof-of-stake system. However, since the Beacon launch…
2 years ago 1.6 k views
FTX Hacker Converts 50k Stolen ETH to BTC
Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%. https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…
3 years ago 1.9 k views
Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant
According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US Treasury Department. Indeed, the OFAC administers and enforces US financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash. According to…
3 years ago 1.8 k views
Trading
How to Leverage Arbitrage Opportunities in Crypto Markets
Cryptocurrency arbitrage has become an increasingly popular investment strategy as the crypto market grows and evolves. Arbitrage involves taking advantage of pricing discrepancies between markets or exchanges to profit. Investors can leverage profit opportunities by understanding cryptocurrency arbitrage while managing associated risks. In this guide, we'll explore cryptocurrency arbitrage and how it works. A Bitcoin-related example will help us illustrate the concepts of this strategy. What is Arbitrage and How Does it Work in Crypto Markets Crypto arbitrage trading is…
2 years ago 3 k views
The Different Types of Copy Trading in Crypto
Are you interested in trading cryptocurrencies but feel intimidated by the complexity of the process? Copy trading is a great way to get into crypto without needing to be an experienced trader. With copy trading, investors can benefit from the experience and knowledge of more experienced traders, allowing even beginners to succeed. How does copy trading work, and which tips do you need to know to succeed? In this article, we'll explore all aspects of copy trading in crypto. What…
2 years ago 1.7 k views
How to Spot an Unsafe Crypto Exchange
Cryptocurrency exchanges have become increasingly popular as they provide a platform for people to buy and sell digital assets. Unfortunately, not all crypto exchanges are safe or reliable. With the rise of cybercrime and fraud, you must learn to spot an unsafe crypto exchange before investing your money. This guide will help beginners identify and avoid potential risks when selecting a cryptocurrency exchange. The Role of Crypto Exchanges on the Digital Assets Market Cryptocurrency exchanges play a crucial role in…
2 years ago 2.2 k views
What Is Grid Trading in Crypto?
Crypto grid trading has become a popular strategy because of its ability to help traders capitalize on market volatility. Grid trading means you can produce consistent profits by taking advantage of price differences in different markets or time frames. By establishing buy and sell orders at predetermined intervals, you can take advantage of these fluctuations in an automated way. This guide will explore the different aspects of grid trading and provide an overview of its benefits, challenges, and more. Through…
2 years ago 1.6 k views
Tech
Introducing una Messenger: A Paradigm Shift in Blockchain Connectivity
The digital landscape is set for an unprecedented transformation with the introduction of una Messenger, the latest innovation from web3 development powerhouse Wemade. This platform represents an evolution of the "PAPYRUS Messenger," serving as the cornerstone of the ambitious "unagi" initiative, aimed at catalyzing the mass adoption of blockchain technology. The "Unbound Networking & Accelerating Growth Initiative" seeks to bridge the divides between diverse blockchain services and networks, heralding a new era of interconnectedness. A New Frontier in Blockchain Communication…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 574 views
Bit2Me Champions WEMIX Token in Pioneering European Listing
Bit2Me, Spain's premier virtual asset exchange, has recently broadened the horizons for cryptocurrency enthusiasts by listing WEMIX, the cornerstone token of the WEMIX3.0 blockchain ecosystem. This marks a notable achievement as WEMIX's inaugural venture into the European market, emphasizing the token's role in facilitating a range of blockchain-based activities, from gaming transactions to decentralized finance (DeFi) applications. Launched with the intention to democratize access to WEMIX for the 450 million Spanish speakers around the globe, this strategic move aligns with…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 404 views
CryptoVirally Expands with Fresh Crypto Marketing Offers and Cointelegraph Upgrades
In an exciting update for the cryptocurrency marketing landscape, CryptoVirally has announced a series of new entries and enhancements to its already comprehensive range of services. These updates, aimed at providing tailored marketing solutions for crypto projects, include new limited-time offers and expanded options for Cointelegraph publications. Limited Offers: A Game-Changer in Crypto Marketing CryptoVirally's limited offers section presents an enticing opportunity for crypto projects to leverage high-impact marketing services at discounted rates. These offers, available for a limited period,…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 465 views
Breaking Boundaries in Blockchain: WEMIX’s ‘una Wallet’ Sets New Standard for Multi-Chain Asset Management
The WEMIX Foundation has unveiled 'una Wallet,' a revolutionary digital wallet designed to offer unparalleled convenience and security in managing digital assets across various blockchain networks. The announcement, made on January 17, 2024, signifies a new era in the seamless integration of multiple blockchain protocols, including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX3.0. 'una Wallet' is more than just a digital wallet; it represents the culmination of WEMIX's innovative efforts in the blockchain space. It serves…
Marius Bogdan Dinu
@bdinu89
@bdinu89
1 year ago 592 views