Crypto App Shakepay Discloses Data Breach Affecting a Small Number of Customers


Shakepay Takes Immediate Action to Address Data Breach

In a recent announcement, Canadian crypto app Shakepay revealed that it had experienced a data breach that resulted in unauthorized access to the personal information of a specific group of its customers. The breach occurred on December 13, 2023, but fortunately, it did not impact any bank accounts, crypto wallets, or customer credentials.

Shakepay, which offers commission-free services for trading bitcoin (BTC) and ethereum (ETH), was able to identify the breach after detecting unusual activity on an employee's work device. The company's security team promptly responded by deauthenticating and removing the compromised device from their network. This swift action was in line with Shakepay's incident response protocol, which aims to minimize the impact of data breaches.


Details of the Data Breach

Shakepay's investigation into the breach revealed that it had been active between March and December 2023. During this period, personal information belonging to a small group of customers was accessed. The potentially compromised data includes names, emails, addresses, birth dates, phone numbers, occupations, trusted contacts, account balances, and transaction history. This incident highlights the challenges faced by digital currency platforms in protecting user data.

Following the breach, several individuals expressed their concerns on social media platforms. One person responded to Shakepay's announcement on X (formerly Twitter), saying, "Nobody can protect your data. I don't care how good of a company you are. The weak link employee will get owned. KYC information = future stolen information. Also, March to December? That's bad opsec." Another individual accused Shakepay of doxxing people who had placed their trust in the company.

Protective Measures and Support for Affected Customers

In response to the breach, Shakepay has advised its customers to remain vigilant against fraudulent activities. The company recommends upgrading to stronger account security methods, such as two-factor authentication, being cautious of suspicious communications, and regularly changing passwords. Shakepay also emphasizes the importance of logging in only through official channels and using unique, robust passwords.

To support customers who have been affected by the breach, Shakepay has implemented additional security measures. It is also offering two years of free credit monitoring to help mitigate the risk of identity theft. The company has established a dedicated email address for affected customers and is actively collaborating with law enforcement and regulatory authorities to investigate the breach and prevent future incidents.

Shakepay concludes its message by assuring its customers that their trust is of utmost importance. The company is committed to doing everything it can to maintain that trust and protect the security of customers' money and personal information. Shakepay continues to closely monitor the situation and take all necessary steps to safeguard personal data and pursue those responsible for the breach.


What are your thoughts on the Shakepay data breach incident? Feel free to share your opinions and insights in the comments section below.


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