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Australia’s BTC Markets privacy at stake, endangers all customers to potential crypto attacks

Australia's BTC Markets privacy at stake, endangers all customers to potential crypto attacks

What seems to be like a major threat to the crypto and blockchain industry seems never-ending. One of the leading Australian cryptocurrency exchange, BTC Markets, has accidentally endangered a wide list of its userbase to potential crypto phishing attacks and threats. It has unintentionally exposed its customers’ database, which primarily includes full name and email addresses through a marketing mail to affected users. The incident seems to have occurred on 1st December.

BTC Markets is one of the renowned digital asset platform exchange trusted by more than 2,70,000 verified Australians. Founded in 2013, it is one of the most liquid exchanges in the Australian crypto ecosystem.

BTC Markets urges users to enable two-factor verification

In an official tweet, BTC expressed its regret for the situation and apologized for the same. It further expressed to users the paramount importance that the exchange gives user security. The tweet claims that the exchange platform remains intact and secure since the external communications are not directly associated with the platform. Hence, passwords and private keys remain unexposed to the whole incident.

The exchange also urges users to enable two-factor verification for increased privacy. Hence, the exchange has formulated a step-by-step guide on the same.

BTC Markets uses an external system in order to send client emails. Therefore, a testing phase occurs for the same. However, this time the system did not realize that the sample email addresses were in the same email and not sent individually. Thus resulting in exposure of data in batch sizes under 1000. BTC Markets utilized this system for several years but hadn’t faced any issue.

As per the realization of the error, the damage was done. The exchange is actively working with the Australian Information Commissioner’s Office and complying with the required self-reporting processes. An internal review follows the same due to concerns around data protection and security.

In an official statement, BTC Markets CEO Caroline Bowler also stressed the 2FA set-up by the user accounts and maintained additional security to avoid phishing attacks.

The news of the attack releases just after a day when the BTC Markets’ CEO announces some personal news. Caroline Bowler now stands as a board member at Blockchain Australia. The latter stands as an apex body for Australian businesses utilizing the advantages of Blockchain technology and DLT. She represents herself for virtual currency exchanges and looks forward to overcoming challenges related to the same.

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