Bit24.money faces backlash after experiences of KYC knowledge breach

• Bit24.money, an Iranian change, faces KYC knowledge breach affecting 230K customers.
• Analysis uncovers misconfiguration, exposing passports, IDs, and bank cards.
• Conflicting claims between Cybernews and Bit24.money immediate consumer considerations.

Bit24.money, a distinguished Iranian cryptocurrency change, is beneath scrutiny following experiences of a major safety breach.

Cybernews researchers uncovered a misconfiguration within the platform’s cloud storage system, resulting in unauthorized entry and exposing delicate Know Your Buyer (KYC) knowledge of practically 230,000 customers. The incident raises considerations about consumer knowledge safety within the cryptocurrency trade, as conflicting narratives emerge between the analysis findings and Bit24.money’s official response.

Passports, IDs, and bank cards information compromised

The analysis by Cybernews uncovered a misconfiguration within the change’s cloud storage system, offering unauthorized entry to KYC knowledge.

The compromised data contains passports, IDs, bank cards, and written consent to rules for about 230,000 customers. This breach underscores the vulnerability of consumer knowledge and prompts customers to query the protection of their private data.

Conflicting claims and reassurances

In response to Cybernews’ allegations, Bit24.money spokesperson and safety engineer Hossein Amini refuted the claims, stating the report was inaccurate and deceptive. Amini asserted that there was no proof of a knowledge breach or unauthorized entry to consumer data.

Opposite to the analysis findings, Amini confidently declared the safety and integrity of the MinIO occasion and cloud storage containers, emphasizing their dedication to consumer safety.

Ramin Moradi, the Bit24.money CTO, additionally said on X that Cybernews has not given any proof on the safety breach and as such he can’t I can’t verify their declare.

Sadly Cybernews has unfold this text with out giving any proof to us. As https://t.co/uz9oRkpVgH’s CTO I can not verify their declare.

— Ramin Moradi (@sudoramin) January 8, 2024

Bit24.money additionally said that after “cautious investigation, our technical crew discovered the claims to be false and deceptive.” Additionally they went forward to present plenty of causes via a thread of X (previously Twitter) supporting their conclusion.

Affect on the Iranian crypto market

Bit24.money, alongside different Iranian crypto exchanges, has been a major contributor to the nation’s crypto market. In 2022, these platforms accounted for 12% of all funds flowing to Iranian exchanges.

The reported safety breach not solely raises considerations for particular person customers but additionally highlights potential repercussions for the broader cryptocurrency ecosystem in Iran. Customers are actually urged to hunt clarification from Bit24.money help amid the conflicting narratives.