Bitcoin lending startup Loanbase, Inc. is claiming to have been hacked, although fortunately for customers and the company alike the amount stolen was not huge.
Loanbase advised customers of the hack via email and its Facebook page on Sunday, explaining they had first detected unauthorized access early in the morning of Saturday, February 6.
The company says the hack came via a hole in a WordPress blog, and gave the hackers access to their SQL database, meaning that sensitive user information may have been accessed including e-mail addresses, phone numbers, names, and other sensitive information.
It’s not clear at this point what occurred next as Loanbase doesn’t describe what happened, but presumably, somehow the hackers used the data from the database to access Bitcoin wallets held by customers.
Loanbase says it believes the loss is “roughly” around 8 Bitcoins ($2,976) but could be as high as 20 Bitcoins ($7440), and all affected customers will be fully reimbursed the amount stolen.
Ticks and crosses
It must be said first and foremost that Loanbase should be praised for its full transparency in disclosing the hack, how it occurred, and more importantly what they are doing about it, which at the time includes