Last Updated on July 2, 2024 by COINBUZZFEED

Evolve Bank has fallen victim to a massive data breach, losing an astonishing 33 terabytes (TB) of user data. The breach, orchestrated by the notorious Russia-linked ransomware group LockBit, has exposed sensitive information from thousands of accounts.

The Breach: How It Happened

The breach was triggered when an employee of Evolve Bank accidentally clicked on a malicious link. This small mistake opened the floodgates for LockBit to infiltrate the bank’s systems, gaining access to a vast cache of user data.

What Data Was Stolen?

The stolen data includes highly sensitive personally identifiable information (PII), such as:

  • Names

  • Addresses

  • Social Security and Tax ID numbers

  • Dates of birth

  • Account balances

  • Email addresses

This breach impacts 155,586 accounts connected to prominent cryptocurrency platforms like Bitfinex, Nomad, and Copper.

Community Reaction and Implications

The crypto community has reacted with shock and concern. Many are questioning the security measures in place at Evolve Bank and the potential ramifications for affected users. The breach not only undermines trust in Evolve Bank but also highlights the ongoing vulnerability of financial institutions to sophisticated cyberattacks.

What’s Next for Evolve Bank?

Evolve Bank has acknowledged the breach and stated that they are working diligently to secure their systems and prevent future incidents. However, the damage to their reputation and the potential fallout for users remain significant concerns.

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