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Security breach is everyday news in the crypto space these days. In the absence of a regulated environment, frauds and scams are common. TrueUSD (TUSD) is a stablecoin that maintains a 1:1 peg to the US dollar, built on the Ethereum network with transparent proof-of-reserve attestation. Its adoption surged in early 2023 after being embraced by significant exchange Binance. This development has sparked interest in TUSD as a secure and stable investment option in the crypto market. Also, is it safe and an excellent option to buy?
Despite the optimism, here’s the security threat that leaves the investors in Zist.
Recently, Stablecoin issuer TrueUSD fell victim to a security breach, exposing personally identifiable information (PII) of some clients. The breach, orchestrated through TrueUSD’s former service provider, TrueCoin, included names, emails, phone numbers, addresses, and even blockchain account public addresses. While TrueCoin acted swiftly to contain the breach, clients are urged to remain vigilant for potential phishing attempts and suspicious activities in their accounts.
Stablecoin issuer TrueUSD, supported by Justin Sun and Binance, was hit by a third-party security breach that led to the exposure of personally identifiable information of some of its clients. TheBlock reported.
— Wu Blockchain (@WuBlockchain) October 16, 2023
The information included the first and last names of customers,…
The Intricate Breach
According to reports from the block, the security incident has led to the unintended disclosure of personal information such as names, email addresses, phone numbers, and other details. The breach was initiated by a compromised support vendor within TrueCoin on September 20, 2023, sparking an immediate response from the cybersecurity and engineering teams.
Fortunately, TrueCoin’s logs indicated no unauthorized downloads, alterations, or removals of personal data. This incident sheds light on crypto platforms’ increasing security challenges and highlights the necessity for robust protective measures.
User Vigilance Advised
TrueUSD has recommended that affected clients maintain a watchful eye on their accounts for unusual activities. Additionally, they’ve warned against falling victim to potential phishing scams. This event underscores the importance of ongoing cybersecurity awareness and the critical need for all crypto-related services to implement and maintain stringent protective protocols. An official statement from the company regarding this incident is expected to be released soon.
TUSD is trading at $1.00, slightly above its 100-day moving average of $1.00. It’s also $0.01 above its 52-week low but $0.01 below its 52-week high.