Cryptocurrency trading platform Transak hacked in phishing attack, personal information of over 90,000 users leaked

The cryptocurrency trading payment service provider Transak recently fell victim to a hacker attack, where the hackers used phishing tactics to target their own employees, gaining access to login credentials. This incident affected over 90,000 users. However, Transak stated that the attack did not involve financial data and funds were not affected.

Phishing Attacks on the Rise

Transak stated on Twitter that the recent hack was carried out through phishing tactics targeting their own employees to obtain login credentials. The hackers used these credentials to access the systems of a third-party KYC provider partnered with Transak, and obtained some user identity-related information. The leaked data includes user names, birth dates, identification documents such as passports, driver's licenses, and users' personal photos.

Transak emphasized that the hackers did not gain access to any financial-related data, such as emails, phone numbers, passwords, credit card information, or social security numbers. They also assured that their financial system remains secure, and user financial information was not compromised. Transak also mentioned that they are a non-custodial platform, meaning they do not hold users' fiat or cryptocurrency funds, and users always have full control over their assets, ensuring that the hack did not impact the security of users' funds.

Transak Takes Immediate Action

Following the incident, Transak has taken several immediate measures to enhance security:

1. Hired a cybersecurity firm to investigate and promptly block any further unauthorized access.
2. Strengthened system security and data protection measures, and increased investments to enhance platform security.
3. Notified all affected users; if users have not received a notification, it means they were not affected.
4. Provided affected users with protective resources to prevent misuse of their data.
5. Reported details of the incident to relevant regulatory authorities in compliance with legal and regulatory requirements, including various regulatory bodies like the UK Information Commissioner's Office (ICO), and will follow local legal procedures for subsequent compliance.

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