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Bitfinex Denies Alleged Data Breach Amid Hacking Group’s Claims

Cryptocurrency exchange Bitfinex is once again in the center of attention after hacking group FSOCIETY announced the successful breach of its database and the leak of 22,500 customer emails and passwords. Nevertheless, the Chief Technology Officer of Bitfinex, Paolo Ardoino, quickly rejected these allegations, calling them probably fake.

Ardoino reiterated that the hacking group would have sought a ransom through different channels upon having verifiable information if they possessed it, which Bitfinex did not receive. “We do not save plain passwords and 2FA secrets in clear text,” he explained as a confirmation of the security of the users’ data at the exchange.

Out of the claimed leaked records, only 5000 corresponded to the Bitfinex users, which made Ardoino think that the data might have been collected from other cryptographic breaches. He mentioned the typical behavior of users using the same credentials across multiple platforms, which may expose them to such threats.

In addition, Ardoino presented an opinion from a security researcher who imagined that FSOCIETY’s assertions might be a marketing gimmick to push a data extraction hacking tool. This strategy is to hype up successful hacks in order to promote the effectiveness of the tool.

While Bitfinex is still looking into the matter, Ardoino confirmed that no breach had been found, ensuring users that their funds are still safe.

This unconfirmed violation is another link in the chain of Bitfinex security issues. In November 2023, there was a minor data security incident when a customer support agent was compromised, and this resulted in users being attacked by phishing. Nonetheless, Bitfinex has not considered such an incident significant.

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The exchange also suffered a nasty security breach in 2016 that caused the theft of more than $70 million worth of Bitcoin, thus making clear the persistence of problems related to asset safety.

While the cryptocurrency industry is dealing with growing threats, Bitfinex is strengthening its defenses as well as protecting its users.

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