- Hackers broke into a government database, deceiving Revolut into releasing sensitive data.
- Revolut said it was misled into releasing sensitive data belonging to 680 customers.
- The data breach exposes crypto-linked victims to significant phishing and physical risks.
Sensitive data linked to 680 customers was compromised after fraudsters misled Revolut, a digital financial technology company. The cybercriminals hacked into a government database and used a legitimate email to send data requests, which Revolut fulfilled before realizing the problem.
An Attack Beyond Revolut
The exposed records included passport details, bank account numbers, home addresses, identity-verification images, and Bitcoin activity. The attackers are now threatening to publish the data unless a ransom is paid.
Beyond collecting data from Revolut, the attackers claimed they also compromised multiple Italian law enforcement departments, saying the operation targeting Revolut ran for six months and that they used Italian law enforcement systems to send data requests to Revolut. According to their claims, they hold 147 GB taken from the Italian side, including internal docs, calendars, and personal material, including the chat logs of a federal officer arguing with his wife.
Attack on Revolut’s Protocols
In addition to holding a significant volume of data received from Revolut, the threat actors accused the fintech giant of unethical activities, including handing over customers’ sensitive information to countries outside their jurisdiction. They further accused Revolut of negligence regarding privacy and the exposure of sensitive data.
The UK Information Commissioner’s Office has reportedly opened an investigation into the issue, while Revolut said it blocked the email account and notified regulators and affected customers. Former Mt. Gox CEO Mark Karpelès was among the high-profile customers affected by the breach, highlighting a potential pain point for crypto users, especially how the leak potentially links real-world identity and financial information directly to Bitcoin activity.
The Risks For Crypto Users
For crypto community members, the Revolut hack incident further highlights the increasing risks of phishing, scams, account takeovers, and targeted attacks. The situation is more concerning for crypto users because the leaked dossiers include full transaction histories, home addresses, verification selfies, and government IDs. That leaves bad actors with a complete blueprint of the wealth status and identities of those affected.
The dominant fear among crypto users affected by the incident is that hackers could engage in hyper-targeted “spear-phishing,”. They could attempt identity theft and account takeover campaigns, having secured the sensitive data needed to execute them. Additionally, the information in the hackers’ custody exposes those affected to targeted physical attacks and extortion.
Immediate Steps to Take
Given the risks highlighted, affected victims should take immediate steps to protect themselves and their crypto assets. Affected users are advised to upgrade their 2FA verification, moving away from SMS-based protocols to hardware security keys or authenticator apps. Victims may need to freeze their mobile accounts, become more skeptical during transactions, and fortify their physical privacy.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
