Gemini Data Breach Highlights Risks in Crypto Industry
Cryptocurrency exchange Gemini recently revealed a data breach incident stemming from a cyberattack on its Automated Clearing House (ACH) service provider. The breach was brought to light when Gemini started notifying affected individuals on June 26, 2024, and shared copies of the notification letters with the California Attorney General’s Office.
Details of the Breach
The unauthorized access took place between June 3 and June 7, 2024, within the systems of Gemini’s vendor. According to the official notice, the breach involved Gemini’s third-party ACH banking partner, responsible for handling fund transfers from Gemini wallets to customers’ bank accounts. During the incident, a subset of customers' banking information may have been compromised.
While sensitive details such as dates of birth, addresses, social security numbers, email addresses, phone numbers, usernames, and passwords were not affected, certain transactional data including customers' names, bank account numbers, and routing numbers could have been exposed.
Immediate Action and Ongoing Investigation
The unauthorized access took place between June 3 and June 7, 2024, within the systems of Gemini’s vendor. According to the official notice, the breach involved Gemini’s third-party ACH banking partner, responsible for handling fund transfers from Gemini wallets to customers’ bank accounts. During the incident, a subset of customers' banking information may have been compromised.
The breach was brought to light when Gemini started notifying affected individuals on June 26, 2024, and shared copies of the notification letters with the California Attorney General’s Office.
Affected customers were advised to monitor their account statements and credit reports regularly for any suspicious activity. Gemini emphasized the importance of reporting any fraudulent behavior or suspected identity theft to relevant financial institutions, law enforcement agencies, state attorney generals, and the Federal Trade Commission (FTC).
Gemini recommended impacted customers to obtain a free credit report from major agencies annually and consider placing a security freeze on their credit files. This precautionary step can help prevent unauthorized credit opening without a personal identification number (PIN).
To place a security freeze, customers may need to provide detailed identifying information to ensure the safeguarding of their financial data. Gemini's proactive approach in notifying customers and offering guidance on protecting their information showcases the company's dedication to security and customer well-being.
Protection Measures for Customers
Despite the data breach originating from a third-party service provider, Gemini remains committed to minimizing potential risks and upholding the security of its customers' data.
For more information, you can access the official notice.
