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Crypto Firms Takes Precaution Hubspot Records Data Breach

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Third-party marketing and customer service software manufacturer, Hubspot was hacked during the weekend and several crypto firms were affected. Institutions like BlockFi, Pantera Capital, Swan Bitcoin, Circle, and NYDIG have announced to their users that no vital information was accessed by the hackers as vital data such as passwords, identity numbers, and security keys were never stored on Hubspot.

Hubspot has been in use by crypto firms as an external tool for a while now. Major crypto companies including other financial institutions engage the platform for marketing their products and services. 

It is sometimes used as a customer management tool, measuring customer satisfaction and product effectiveness. Customers’ details for onboarding are also stored on Hubspot.

BlockFi in 2020, had previously experienced a breach on its platform but this particular attack on Hubspot was attributed to a scammer gaining entrance to the software maker employee’s account. This is not the first time the Hubspot platform will be compromised as Pantera Capital mentioned last month in a Twitter post that its Hubspot account was hacked.

For this current breach on Hubspot, there is an assumption that the targets of the attack were key clients, especially in the crypto ecosystem. Access has been denied to the employee’s account that was used. Other employees now have limited access to their accounts to avoid a recurrence.

The hackers had begun to send messages to the users via phishing emails requesting their passwords. Some users were not convinced while others were lured. So far, only 30 accounts have been declared to be affected although no names have been mentioned. 

According to BlockFi and Swan Capital, the extent of the hack has not fully been discovered but customers should be aware that no security codes including passwords were tampered with. 

Ongoing Investigations on Crypto Firms as Data Breach Reoccur

These breach concerns have led to the United Kingdom Financial Conduct Authority (FCA) placing some firms under investigation after it has previously expressed its dissatisfaction with the way some crypto transactions are conducted.

Crypto financial firm, BlockFi is actively supporting Hubspot in the investigation process particularly to know the extent of the damage perpetrated by the hackers. Customers have been warned and advised to protect their accounts using two-factor authentication (2-FA) and other stronger security methods.

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