Bitcoin Lending Platform Loanbase Loses Customers’ Funds after Security Breach

A data breach at Bitcoin lending platform Loanbase led to the loss of customers’ bitcoins.

The company, in its official statement, blamed a WordPress bug for the glitch, stating that the breach resulted into the loss of around 8 Bitcoins (equivalent to around $3,000). The money was stolen after an alleged hacking attempt on Loanbase’s four user accounts. Loanbase also clarified that the maximum losses don’t exceed 20 BTC.

According to their post, the company detected an unauthorized entry into those accounts, which didn’t have the two-factor authentication enabled. This security feature (2FA), which is also known as two-step verification, makes use of a QR code under Google Authenticator and requires the user to scan the code using the login device.

Since the breach, which likely took place on February 6, Loanbase has taken down its website to integrate fresh security protocols. This includes password reset for all its users, expired 2FA tokens, and rejected all approved withdrawals. The company has also said that it will refund the stolen bitcoin.

Bitcoin Hacking

These hacking and theft incidents are not new in the bitcoin world, as several sites have also been victim to malware or phishing attacks. In Loanbase’s case, the hackers were able to access the site’s SQL database and might’ve leaked

Read more ... source: TheBitcoinNews