Bitvavo hit by data breach – This is what happened

The largest Dutch crypto exchange, Bitvavo, has been hit by a data breach. The exchange confirmed on Twitter that it encountered a technical problem that caused the personal data of eight users to be displayed.

Bitvavo says it has immediately taken all necessary steps to keep the problems as limited as possible. This seems to have worked out quite well as no other users were affected and all funds are safe.

What exactly happened?

Bitvavo a few hours ago in a blog post explained the situation. In it, the stock exchange writes that the following has happened:

β€œTo improve the Bitvavo user experience, we use a solution called ‘caching’, which stores copies of data in the cloud for faster access. A misconfiguration of our caching solution exposed the personal data of eight users to users who logged into the app or the web for 15 minutes.”

Bitvavo has taken the following steps to resolve the issue:

  • Within those 15 minutes, the exchange cleared and reconfigured the cache.
  • However, since the cache also stores data locally, it takes 2 hours to clear the data from the local storage of the user devices. Therefore, the company has chosen to lock the app to prevent access to the user data.
  • Furthermore, the exchange contacted the affected users to inform them of the incident and provide them with the necessary support.
  • Bitvavo has also informed relevant authorities, including the Dutch Data Protection Authority (AP), of this incident.
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All funds are safe

Bitvavo writes in the blog post that the money of the users of Bitvavo has not been at risk. Bitvavo says they have very strict security measures in place to keep all customers’ money safe. For example, Bitvavo keeps most of its money with so-called ‘Insured Custody Providers’, which specialize in storing digital assets in a secure environment and are insured up to an amount of 255 million euros. Furthermore, users can qualify for a compensation of up to 100,000 euros if someone gains unauthorized access to your Bitvavo account.

All in all it was a bit scary today. Especially for the eight people affected. Fortunately, all funds are safe and there was ‘only’ an error and not a hack.

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