Paxful Disputes Allegations of a Data Breach Concerning Their Clients

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Reports have surfaced that an anonymous source has recently sold both private customer and employee data, which had been reportedly sourced from cryptoasset exchange platform Paxful. A spokesperson from the firm reiterated that no confidential customer information has been leaked and went on to affirm that their platform remains safe for investors.

Despite multiple claims, representatives on behalf of Paxful have backed the company’s position and have continued to assure customers that their data remains protected.

Another Paxful spokesperson initially stated on Friday that their clients’ “data has not been compromised in any way”. Further elaborating that the data reported online was collected unlawfully from a third-party contractor that Paxful had previously dealt with and that the contract with this party was formally ended in September 2020.

A Russian channel on social media platform Telegram, created a post titled ‘Information Leaks’ on the English-speaking section. The post revealed that it had a large amount of data suspected to belong to the users of Paxfuls Peer-to-Peer (P2P) crypto trading platform.

The post detailed an array of information including names, phone numbers, addresses and other data, which appears to have been listed for sale as part of a “dump” scheme with approximately 5 million participants.

The occurrence of data breaches and online attacks are unfortunately not unusual in a world that is implementing digitalization and automation at an ever-increasing rate. Recently, tech giant and social media platform Facebook was recently compromised, leaving personal information of over half a million users at risk. Furthermore, back in 2017 consumer credit reporting agency Equifax was also compromised resulting in millions of people’s information being breached. More recently in 2020 cold storage and hardware wallet provider Ledger also experienced data hacking issues.

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