Hacking is one of the worst and bad parts of crypto and as a user, we would never want to go through this situation. I am have been in the crypto space from the year 2017 and this period of over 3 years, I got to know about exchange hacks a couple of times in a year.
This time its not hack exactly but its a data leak issue with one of exchange named BuyUCoin in India and this data breach has happened for about 3.25 lakh users and their information is shared on the internet.
The data leaked include names, e-mails, mobile numbers, encrypted passwords, user wallet details, order details, bank details, KYC details (PAN number, passport numbers),, and deposit history. This is a serious hack as key financial, banking and KYC details have been leaked on the Dark Web," Rajaharia told IANS and shared some screenshots of the leaked data.
Although there is no loss of funds but this is not less valuable than funds and its difficult to say how this data will be used. These days data is very important and considered to precious and we often don't take it highly but don't know how this exchange will make it more secure that this instance does not repeat.
Anything that is stolen for unethical reason is hack and should not be encouraged at all. Buyucoin crypto exchange was funded in June 2016 when bitcoin coin price as not even 1000 USD and this exchange is not a top exchange in country but still they have good amount of users on their platform.
I have seen many big exchanges that were hacked before so its not surprising to me but I hope that the exchange take it quite seriously and try to ensure the utmost safety so that it does not happen again else people will lose trust on them. When it comes to money then trust is one of the most important part that we can not ignore in any circumstances.
I hope that in this year 2021 we don't come across anything like this anymore and a next level of safety is applied which is not easy to hack or breach.
Thank you so much
Have a great weekend.
