Latest News

Potential user data leak from TrueCoin’s third-party vendor compromise involves TUSD.

TrueCoin’s internal frameworks remained unscathed and untouched, with the company affirming the assault as an isolated occurrence confined to a third-party vendor. The group steering the TrueUSD stablecoin, TrueCoin, disclosed a potential exposure of specific Know Your Customer (KYC) and transaction history data following the compromise of one of TrueCoin’s third-party associates.

TrueCoin governed the TUSD stablecoin until July 13, 2023. On October 16, the security team of a third-party vendor apprised TrueCoin of an “anomalous account change within [TrueCoin’s] organization made by a compromised support vendor.” Consequently, TrueCoin suspects the compromise of certain customer data linked to TUSD.

Internal systems of TrueCoin encountered no impact or unauthorized access, as the company clarified that the assault was confined to a third-party vendor. Reassuringly, TrueUSD declared through its official X (formerly Twitter) account, “TUSD system is SECURE and not attacked. Both TUSD system and TUSD’s reserves are UNAFFECTED.”

Information gleaned from such breaches, encompassing names, email addresses, and phone numbers, is commonly exploited in phishing endeavors. Perpetrators mimic diverse crypto services, enticing unsuspecting investors with promises of swift, substantial profits.

The repercussions of the assault and the ensuing data breach remain undisclosed, as the total number of affected users’ data was not divulged during the announcement. Notably, TrueUSD has yet to respond to Cointelegraph’s request for commentary.

TrueCoin recently distanced itself from Prime Trust based in Nevada, severing ties after the abrupt suspension of all fiat and cryptocurrency deposits and withdrawals by the latter.

Emphasizing its resilience, TrueUSD declared, “It is not affected by the situation” at Prime Trust. The statement underscored diversified partnerships and the maintenance of “multiple USD rails” elsewhere for minting and redemption. “PrimeTrust has suspended all deposits of fiat and digital assets. #TrueUSD (#TUSD) is not affected by this situation. We have no exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds are safe with TUSD,” affirmed TrueUSD.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.