Recently, Shakepay, a prominent cryptocurrency application based in Canada, reported a security incident where an external party gained unauthorized access to the personal details of a specific segment of its users. This incident, identified on December 13, 2023, led to the exposure of certain data. However, it’s important to note that the breach did not impact any banking information, cryptocurrency wallets, or the login credentials of its customers.
Shakepay Addresses Data Breach Concerns, Offers Free Credit Monitoring to Impacted Users
The security incident at Shakepay, known for its zero-commission trading in bitcoin (BTC) and ethereum (ETH), came to light after detecting abnormal behavior on a staff member’s work gadget. The firm’s security unit promptly intervened, disconnecting and expelling the affected device from their network. This measure was a critical component of Shakepay’s established procedures for handling such incidents, designed to reduce the repercussions of security breaches.
The inquiry conducted by Shakepay disclosed that from March to December 2023, a security incident led to the unauthorized access and extraction of personal information from a select group of customers. The potentially compromised data encompasses a range of sensitive details, including customers’ names, email addresses, physical addresses, dates of birth, phone numbers, job titles, designated trusted contacts, as well as details pertaining to their account balances and transaction records. This event underscores the increasing complexities that platforms dealing with digital currencies encounter in ensuring the privacy and protection of user data.
Numerous users on the social media site expressed their concerns. A notable comment on Shakepay’s disclosure on X (previously known as Twitter) highlighted a widespread sentiment: “Data protection is a myth,” they remarked. “No matter the company’s reputation, there’s always a vulnerability through employees. Information collected for ‘Know Your Customer’ purposes is a ticking time bomb for theft. Additionally, a breach from March to December indicates poor operational security.” Another person wrote:
So your company is responsible for doxxing a bunch of people that trusted you…🤷🏽♂️
— Amrit Singh (@RaptorsSingh) December 15, 2023
After the security incident, Shakepay advised its users to enhance their vigilance against potential fraud. The company suggested several safety steps, including the adoption of more robust security practices such as two-factor authentication. Users are encouraged to be wary of any unusual or suspicious communications and to update their passwords. Shakepay underscored the significance of accessing accounts exclusively via official platforms and maintaining unique, robust passwords for enhanced protection.
In response to the recent data breach, Shakepay has stepped up its security protocols and is offering affected users two years of complimentary credit monitoring services. This proactive measure is aimed at reducing the risk of identity theft. Additionally, the company has set up a specific email address to assist those impacted by the breach. Shakepay is actively collaborating with law enforcement and regulatory bodies to thoroughly investigate the incident and to implement strategies to avert similar occurrences in the future.
Shakepay emphasized the significance of user trust, stating, “Earning and maintaining your trust is our foremost concern at Shakepay. We are committed to doing everything in our power to preserve it. Rest assured that safeguarding your financial and personal information remains our highest priority. We are vigilantly monitoring the situation and are fully engaged in utilizing all available means to protect your data and to track down those responsible.”
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