TrueUSD Warns of Potential Data Breach Due to Security Incident at Third-Party Vendor
Summary:
TrueUSD (TUSD) has alerted about a potential leakage of certain customer and transaction data due to a security breach at a third-party vendor associated with TrueCoin, the former operator of TUSD. TrueCoin's internal systems, however, were not affected in this isolated incident. The extent of the data leak is currently not known. This follows TrueCoin's separation from Prime Trust, a Nevada-based firm that recently suspended all fiat and digital transactions. TUSD ensures their users that it remains unaffected by Prime Trust’s situation and continues to maintain various USD channels for secure transactions.
TrueUSD (TUSD), a stablecoin, has warned of a possible leak of specific Know Your Customer (KYC) data and transaction records after a security breach at one of TrueCoin's third-party providers. TrueCoin, the operator of TUSD until July 13, 2023, was notified by a third-party contractor's security division on October 16 about an unusual change in their account brought about by a compromised support vendor. This leads to the possible exposure of some of TUSD's current user information.
TrueCoin assured that its own internal systems weren't breached or accessed in the security incident, confirming that it was an isolated attack on a third-party vendor. Via its official X (formerly Twitter) account, TrueUSD reassured its users, declaring both TUSD's system and its reserves coronavirus-free. The kind of information often harvested in these breaches - including names, emails and phone numbers - is typically exploited in phishing attacks, where attackers impersonate crypto services, luring investors with promises of high returns in short time frames.
The full extent of the data breach is unknown as the total number of affected users has not been disclosed. TrueUSD has not responded yet to requests for comment. This comes after TrueCoin distanced itself from Nevada's Prime Trust after the latter suddenly suspended all fiat and cryptocurrency transactions. TrueUSD stated that it remained unaffected by Prime Trust's situation, highlighting its diverse partnerships and maintenance of "multiple USD rails" elsewhere.
In a statement, TrueUSD said, "PrimeTrust has paused all deposits in fiat and digital assets. #TrueUSD (#TUSD) remains unaffected by this event. We have no relation with Prime Trust and maintain numerous USD channels for creation and redemption. Be assured, all your funds are secure with TUSD.
Published At
10/17/2023 7:06:31 AM
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