Netcoins averts cybersecurity attack limiting losses to $250k, customer funds secure


19 Sep 2023 10:00 AM

Netcoins demonstrates resilience with prompt response to cybersecurity breach maintaining customer fund security....

  • Netcoins, an online cryptocurrency brokerage owned by BIGG Digital Assets, detected and prevented a cybersecurity breach on September 17.
  • Suspicious activity was identified on its hot wallets, leading to the withdrawal of coins valued at approximately CAD 343,000 (USD 254,000) from Netcoins' operational float.
  • No customer funds or crypto assets were compromised, demonstrating the effectiveness of Netcoins' automated system.
  • Immediate corrective actions were taken, including removing the unauthorized user and strengthening network security.
  • All subsequent crypto-asset withdrawals underwent manual review and verification, and a comprehensive hard reset on all customer passwords was executed.
  • Netcoins launched an internal investigation to determine if the bad actor attempted to extract customer personal information.
  • The company continues to operate with reinforced procedures, maintaining a 1:1 holding ratio for customer crypto assets and funds.
  • A forensic investigation is being conducted with the assistance of third-party cybersecurity experts, and law enforcement has been notified.

The article highlights a cybersecurity breach detected by Netcoins, but emphasizes that no customer funds or crypto assets were compromised. It also mentions the company's prompt response and efforts to enhance security. Overall, the sentiment is neutral to positive.

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What is Netcoins?When did the cybersecurity breach occur?How much value was withdrawn from Netcoins' operational float?Were customer funds or crypto assets compromised?What actions did Netcoins take to address the breach and enhance security?

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