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Reddit – s Third-Party Password Reset System Hack Affects – Less than 20 – Bitcoin Contant Users – The Merkle

Earlier this week, the Bitcoin Contant community woke up to a rather nasty and unexpected verrassing. Someone – or a group of people – had successfully compromised Reddit’s email provider. Spil a result, the assailant(s) managed to obtain an unspecified amount of Bitcoin Metselspecie from numerous Reddit accounts. Thesis balances were associated with the Bitcoin Metselspecie peak bot, which has become rather popular overheen the past few weeks. More information regarding this incident came to light overheen the weekend.

Reddit Hack Impacts Bitcoin Contant Tips

It is never good to see the Reddit toneel be affected by a major hack . Unlike what most people expected, it seems this particular attack wasgoed directed entirely at the Bitcoin Contant community. Everzwijn since this hard fork came to market, there has bot a lotsbestemming of rente ter obtaining BCH. Moreover, the currency’s value has also soared, making it one of the top Five cryptocurrencies ranked by market cap. It wasgoed overduidelijk that this popular currency would eventually attract the attention of cybercriminals.

One such attack took place earlier this week. According to an internal Reddit investigation, a hacker – or group of hackers – successfully breached the toneel’s third-party password reset system. This, ter turn, talent the assailant(s) access to individual Reddit accounts. It is significant to note the hacker never gained access to Reddit’s systems or to Reddit users’ email accounts. However, they did access Reddit accounts, especially those who had recently received Bitcoin Contant tips.

For the time being, it remains unclear how many user accounts were affected. According to Reddit, the attack wasgoed limited to “less than 20” users, even however an attack like this one would have never taken place if its third-party service provider hadn’t bot compromised. When account owners found out their passwords had bot reset without their skill, it quickly became clear that something wasgoed amiss. Unluckily, they also noticed that their Bitcoin Contant peak balances were gone altogether.

Incidents like thesis need to be taken very gravely. Some people may dismiss them spil a problem affecting a fringe group of users and rechtsvordering cryptocurrencies should be avoided. At the same time, an incident like this one could lightly have affected any other group of Reddit users, and the consequences could have bot a lotsbestemming worse. It is overduidelijk this specific attack wasgoed directed against the Bitcoin Metselspecie community, albeit no one knows for sure who is responsible.

All of this goes to vertoning that reliance on third-party service providers is a very big problem. While it is understandable that Reddit can’t do everything on its own, its partnership with Mailgun has taken a big klapper due to this hack. Cybersecurity is still a very pressing problem, even ter the year 2018. Wij can only hope companies will step up their spel moving forward, even however cybercriminals are always thinking five steps ahead.

Moreover, it is still unclear how much Bitcoin Metselspecie wasgoed stolen. Considering that less than two dozen accounts were affected, it is overduidelijk this attack wasn’t spil successful spil it could have bot. Whether or not any of the affected users will everzwijn be reimbursed is very unlikely at this time. Surplus assured this is not the last time criminals will attack cryptocurrency enthusiasts ter one way or another.

About The Author


JP Buntinx is a FinTech and Bitcoin enthusiast living te Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect ter the FinTech sector.

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