Previously unreported attack on Crypto.com leaked users' personal data: Bloomberg
Quick Take
- A teenage hacker and his accomplice managed to gain access to a Crypto.com employee’s account, as revealed in a recent Bloomberg report.
- Crypto.com told Bloomberg the breach affected “a very small number of individuals” and no customer funds were accessed.
- Hackers often target exchange staff to gain access to customer accounts.
Crypto exchange Crypto.com suffered a previously unreported attack in which a teenager and his accomplice gained access to an employee account, a recent Bloomberg Businessweek report reveals.
The Bloomberg report centers on Noah Urban, a member of a cybercriminal gang known as Scattered Spider. Urban's specialty was targeting employees of telecommunications, technology, and cryptocurrency companies with phishing attacks designed to give Urban and his collaborators access to secure data.
One of Urban's successful exploits, which he accomplished with the help of another hacker who went by the name Jack, resulted in the pair gaining access to a Crypto.com employee's account. Hackers often target exchange staff to gain access to more sensitive data; rival exchange Coinbase suffered hundreds of millions of dollars in losses after cybercriminals bribed offshore customer service representatives and gained access to sensitive customer data.
A Crypto.com spokesperson told Bloomberg that the breach affected the personal information of "a very small number of individuals" and that no customer funds were accessed. The Block could not immediately reach Crypto.com for comment.
The attack took place some time before March of 2023, when Urban was targeted in an FBI raid that seized $4 million worth of Urban's cryptocurrency, along with hundreds of thousands of dollars in cash and jewelry. Urban was arrested nine months later in January 2024, and charged with involvement in the hacks of 13 companies. Urban later pleaded guilty, and was sentenced to 10 years in prison, according to the Bloomberg report.
Blockchain sleuth ZachXBT criticized Crypto.com on X for failing to disclose the breach. "They’ve been breached several times," ZachXBT added.
Crypto.com, alongside other USD-backed crypto exchanges, has seen a recent volume boost and in August processed more volume than Coinbase, according to The Block's data. Crypto.com is partnering with Trump Media to form a digital asset treasury company dedicated to acquiring CRO, the native token of the Cronos blockchain.
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