4 October 2023

Digital Technology Guru

Digital Technology Guru Reviews

Netcoins Experiences Cybersecurity Incident, No Customer Funds Compromised

2 min read
Netcoins Experiences Cybersecurity Incident, No Customer Funds Compromised

Netcoins, the online cryptocurrency brokerage owned BIGG Digital Assets Inc., recently faced a cybersecurity incident on September 17, 2023. The company’s internal control systems detected suspicious activity on Netcoins’ hot wallets, triggering an immediate response. The automated systems successfully blocked attempted crypto withdrawals outside of permitted limits and alerted the Netcoins staff.

Upon investigation, it was discovered that a bad actor had gained access to the Netcoins network. However, no customer funds or crypto assets were compromised. The withdrawn coins were solely from Netcoins’ operational float, valued at approximately CAD $343,000. Netcoins has implemented enhanced security measures, including manual verification of all subsequent crypto asset withdrawals.

During the incident, an unauthorized attempt to access customer personal information was also detected. Netcoins is currently working with cybersecurity experts to determine if any customer data was compromised. As a precautionary measure, Netcoins performed a hard reset on all customer passwords and required users to create new credentials for accessing the platform.

To prevent further unauthorized access, Netcoins has updated all internal passwords, the password management system, and network tokens and keys. The company continues to operate normally with additional procedures in place to ensure the security of its customers.

Netcoins is conducting a forensic investigation with the assistance of third-party cybersecurity experts to determine the cause and scope of the incident. Law enforcement has been notified, and the investigation is ongoing.

Despite the incident, Netcoins reaffirms its commitment to the security of its customers and stakeholders. The company remains focused on providing a safe and compliant environment for crypto trading.

Source: BIGG Digital Assets Inc.

– Cryptocurrency: A digital or virtual currency that utilizes cryptography for security.
– Cybersecurity: Measures taken to protect computer systems and networks from unauthorized access or attacks.
– Hot wallets: Cryptocurrency wallets connected to the internet and accessible for transactions.
– Bad actor: An individual or entity that engages in malicious or harmful activities.
– Crypto assets: Digital assets that utilize cryptography for security and represent value.

– BIGG Digital Assets Inc.
– Netcoins.ca
– Blockchain Intelligence Group