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LocalBitcoins Hacked: Accounts Liquidated – Coinnounce

LocalBitcoins Hacked: Accounts Liquidated

LocalBitcoins, the marketplace for over-the-counter trading of local currency for bitcoin has been the latest victim of hacking. On 26th January the platform was breached. The platform detected a security breach due to which hackers were allowed access to a number of accounts and liquidate these. According to localbitcoins, a third party software was the source of the issue.

LocalBitcoins Hacked:

Due to the attack, the logged in users on the platform were asked to re-enter their password and two-factor authentication code. As soon as the users entered the data, their accounts were liquidated by the hackers. After the administrators came to know about the attack they immediately shut down the withdrawals on the platform and started to investigate. The company later announced that the attack was due to a third party software and six of the user accounts were affected by the hack. Localbitcoins also announced that the Know your customer data was not affected due to the attack.

The Localbitcoins was able to identify and resolve the issue quite quickly which proves the competent and responsive quality of the team. However, the team hasn’t announced yet if the affected users will be compensated for their losses.

Layla Harding

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