LiteBit.eu Got Hacked Lucky without Any Lost Funds

LiteBit.eu Got Hacked Lucky without Any Lost Funds

Unfortunately, it seems that there is another cryptocurrency service provider that managed to get hacked, this time being LiteBit.eu, a European cryptocurrency broker. The company recently warned their users that there had been suspicious activities on the servers – it seemed that someone managed to get to the company data, but as of the time of writing, no wallet balances have been affected nor have any ID verification documents leaked.

The fact that cryptocurrency service providers can be hacked into and not lose millions of dollars is kind of good news. Because more often than not, these types of hacks have the end result of people losing money and companies getting closed. LiteBit.eu is the latest on the list of companies that suffered a hack, but this recent incident seems more of a data breach than anything else when we look at the facts that no customer funds were stolen in the 5th August breach.

The company sent out an email to all of their customers, explaining that their funds were safe and no ID verification documents got to the hackers. They did, though, explain that the hackers got their hands on some server data. Although the statement is as vague as it could be, it seemed to confirm that no financial details were obtained by hackers. But this still leaves out information like names, addresses and such, meaning those could have been stolen. Another possible steal is hashed passwords, but this hasn’t been officially confirmed.

Fortunately, LiteBit team managed to identify the source of the data breach, and the company confirmed that the leak has been stopped without going into too much detail about it. This is a common thing for cryptocurrency service providers – a lot of them get hacked into due security issues. This is definitely a problem they all need to work on so as few people as possible lose their funds.

LiteBit users with two-factor authentication will need to re-enable it and change their password, and the ones without this feature should update their passwords for sure. This is a prime time for password generators that will help you not use the same password on multiple sites. In case you do have a same username and password somewhere else, you might want to update that one, too. We still don’t know if hackers got their hands on any data at all, but it doesn’t hurt to take precautions.

Users were not happy to hear this news – many of them piling up their frustration prior to the incident. LiteBit allows users to quickly buy cryptocurrencies using traditional payment methods, but it’s been under maintenance far too often recently. Hopefully, the company will work on improving this as well as their security measures.