16B Password Data Breach Sparks Huge Security Risk for Crypto

Apple, Google, Facebook Hit by 16B Data Breach: Crypto in Danger

A massive online data breach has exposed more than 16 billion usernames and passwords for services such as Apple, Google, Facebook, GitHub, and Telegram. This enormous leak is being called one of the biggest ever, and experts say that it will likely have serious issues for individuals who deal with crypto too.

The Leak: What Happened?

Cybernews researchers claim that 30 various datasets were located online. They all contained millions, or even billions, of login credentials. In total, they account for a staggering 16 billion leaked records. These records were discovered on unsecure cloud servers and Elasticsearch databases.

Most of this information was gathered by malware known as "infostealers." These are malicious software programs that steal information from computers and mobile phones quietly. The stolen information comprises email addresses, passwords, cookies, tokens, and even metadata, which provides additional information regarding how the data were gathered. Following is the data released by cybernews abou the 20 Leaked datasets by number of records due to this data breach. 

Source: Cybernews

What's even more concerning about this data breach is that many of those datasets weren't from previous hacks. They're new and up-to-date, so hackers can immediately use them to mount phishing, account takeover, and scam attacks.

Why Crypto Users Should Be Concerned?

Cryptocurrency owners are most vulnerable because most exchanges and wallets continue to employ simple email and password authentication. Others also store their wallet seed phrases or private keys in the cloud. If these leaked credentials are used by hackers to access accounts, hackers can steal crypto balances in their entirety in a matter of minutes.

And due to this data breach its not just users who are at risk. Cryptocurrency exchanges and DeFi platforms that lack robust security may become victims of larger attacks. It could lead to major hacks like Coinbase that have been witnessed in the past. 

Custody wallets, which are controlled by crypto exchanges, are particularly vulnerable. If a hacker has access to the email and password associated with a wallet, they may be able to change the password and control the account.

Nobitex Hack a Recent Example

This data breach came just after the recent massive hack of Iran's largest crypto exchange, Nobitex, which lost over $90 million. Experts are speculating that stolen credentials may have been used to gain entry. With 16 billion additional records leaked, such attacks can repeat themselves and possibly on an even bigger scale.

What Can You Do Now?

If you have crypto, it's time to get serious about your online security. Take these measures immediately:

• Update your passwords, if you use the same password for several accounts.

• Turn on two-factor authentication (2FA) to provide an added safeguard.

• Don't leave recovery words or private keys stored on cloud storage.

• Watch out for phishing emails and scams that attempt to deceive you into revealing information.

Final Thoughts

This leak is an alarm call. With all this information available, online users, particularly those in the crypto community. need to act quickly to remain secure. Hackers are monitoring, and they now have robust tools at their disposal. Don't wait until it's too late.