Ledger Wallet Suffers Huge Data Breach: User Funds Are Safe

In our breaking news today we can see that the Ledger wallets suffer a huge data breach while the company said that the users’ funds are not at risk. This data beach only outlines the risks of centralized databases and their openness to failure. Let’s find out more in the cryptocurrency news below.

The Ledger wallet suffers a huge data breach as data from millions of users got leaked but reportedly, the funds of the users are safe. However, the risk of an extensive phishing attack is extremely high. A bug bounty program helped the hardware wallet company discover that it’s marketing database had a vulnerability that put all of the personal information and purchases details of customers at high risk. Ledger patched the issue immediately but it was too late already.

The company noticed that somebody used an API To access the information and the company since sent a notice to customers whose information is at high risk. Email IDs of more than a million customers were leaked including sensitive information such as full names, phone numbers, and addresses that were taken for a subset of 9500 customers.

The company promises to enhance its internal security and is now pushing for data security measures on e-commerce data and Ledger also notified the French Data Protection Authority while actively monitoring the evidence that can help them figure out whether the data will later be sold on the internet. Hardware wallets are the number one standard of crypto security for retail investors so the provider noted that the funds are currently not at risk because the hackers attacked customer information.

This can however result in a high scale phishing attack in order to coerce Ledger users into providing their wallet recovery phrases and keys. Ledger noted that they will never ask the users for a recovery phrase and private key info. Over the past few months, the hack attacks have been on the rise targeting exchanges, wallets, and personal funds, as well as social media, account of high-profile crypto personas as we witnessed the recent Twitter hack where hackers impersonated celebrities in fake bitcoin giveaway scam.