In an email sent to its users, LiteBit announced that they have been hacked. Repercussions were not very harsh, and the company said that everything was manageable.
On the 27th of February, hackers managed to get ahold of LiteBit’s customers database, and retrieved vital profile information. In fact, attackers can monetize stolen data in many ways. Consequently, those hackers asked the company for a monetary compensation, but the company refused to be threatened and declined.
LiteBit Hacked – What is LiteBit
In short, Litebit is a cryptocurrency exchange that launched back in 2013. They offer a wide range of 50+ cryptocurrencies to trade. Also, they cater mostly to European citizens.
Why and What do Hacker Hack?
Usually, attackers steal data and sell them to different marketplaces:
- Dark Web: where other scammers will get ahold of this info for phishing scams, domain spoofing, identity theft and other illegal activities
- Corporate Companies: usually, these companies are looking to send marketing ads and campaigns to a target audience. They pay good money to obtain a targeted database, and then can start sending email newsletters about different products.
Consequently, the most easily hacked information that those hackers most probably obtained are as followed:
- Full Name
- Email address
- Phone Number
- IBAN address
How to Act after the Hack?
From the company claims, only users who registered before December 2019 were affected. On the other hand, the signals a huge database breach, since the company has been active since 2013. They also claim that passwords, IDs, and verification documents were not affected. This last claim is kinda debatable, and depends on the level of security applied by the company.
In order to mitigate any risk, it is advisable for ALL LiteBit users to do the following:
- Reset their current passwords
- Enable 2-factor authentication when logging in
- Be wary going forward for any suspicious email they receive
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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