Bit24 Denies Claims of KYC Data Leak

Bit24.cash, a prominent Iranian cryptocurrency exchange, has firmly denied allegations of a security breach that reportedly exposed its users’ sensitive Know Your Customer (KYC) data. This response comes after Cybernews researchers claimed that a security flaw in Bit24’s platform led to the unintended exposure of personal information, including IDs, passports, and credit card details, due to misconfigured cloud storage containers.

The Cybernews team warned that such a data leak could leave platform users vulnerable to identity theft, phishing attempts, and fraudulent transactions. However, they noted that the vulnerability had been addressed, and the storage was secured at the time of their report.

Bit24’s position in the Iranian crypto market is significant, especially considering Iran’s pro-crypto stance amidst sanctions from Western countries. This backdrop makes the allegations of a data leak more critical, given the potential risks involved.

In a rebuttal to these claims, Bit24 conducted an internal investigation and responded via email. Hossein Amini, a security engineer at Bit24, stated that the alleged misconfiguration was inaccurate and contradicted the platform’s system architecture and security protocols.

Amini emphasized that their MinIO instance and cloud storage containers remain secure, with no unauthorized access to any sensitive user data. He refuted the claims of vulnerability, assuring users and stakeholders of the platform’s commitment to security and data protection.

This incident underlines the ongoing challenges faced by cryptocurrency exchanges in ensuring data security and user privacy. It also highlights the importance of robust security measures and protocols, especially in an industry that is frequently targeted by cybercriminals.

As the crypto sector continues to evolve, such incidents serve as a reminder for platforms to continually assess and upgrade their security infrastructure, ensuring the safety and privacy of their users’ data.