June 14, 2024
TrueCoin Vendor Breach Exposes TUSD User Data
Latest Cryptocurrency News

TrueCoin Vendor Breach Exposes TUSD User Data

The team responsible for the TrueUSD (TUSD) stablecoin has reported a potential data breach incident involving specific Know Your Customer (KYC) and transaction history data. This incident occurred as a result of a security breach in one of TrueCoin’s third-party vendors.

TrueCoin, the former operator of TUSD until July 13, 2023, received information from its third-party vendor’s security team on October 16th, alerting them to “an anomalous account change within [TrueCoin’s] organization made by a compromised support vendor.” This prompted concerns about potential compromises to TUSD’s customer data. TrueCoin confirmed that its internal systems remained untouched and secure, clarifying that the breach was isolated to the third-party vendor. TrueUSD emphasized the security of its system and reserves, assuring users that they were unaffected.

Such data breaches typically involve the exposure of sensitive customer information, including names, email addresses, and phone numbers, which can be exploited for phishing attacks. These malicious actors often impersonate various cryptocurrency services and make enticing promises to unsuspecting investors.

The complete impact of this breach and the extent of the data leak were not disclosed in the announcement, and the total number of affected users remains undisclosed.

“PrimeTrust has suspended all deposits of fiat and digital assets. #TrueUSD (#TUSD) is not affected by this situation. We have no exposure to Prime Trust and maintain multiple USD rails for minting and redemption. Rest assured, all your funds are safe with TUSD,” said TrueUSD.

Image by Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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