Customer Data from TrueUSD Exposed in a Security Breach Involving a Third-Party

TrueUSD Faces Data Breach via Third-party

On the evening of October 16, 2023, TrueUSD, the issuer of TUSD – a stablecoin supported by Justin Sun and Binance – announced that it had been security breached by a third party, leading to the exposure of personal identification information of some customers. TrueUSD was alerted to the security incident by TrueCoin, the former service provider responsible for the company’s banking, customer, and product management. This incident has not compromised TrueCoin’s internal IT infrastructure.

The leaked information includes:

  • Full names, email addresses, and phone numbers of customers (for those who registered between 2018 and 2019).
  • Customer addresses, date of birth, bank names, transaction history, and even on-chain wallet addresses of users.

According to an email sent to customers, the incident is likely connected to TrueCoin, LLC (also known as TrueCoin) – the former management company of TrueFi (TRU). This entity provided banking services, and customer registration, and managed TrueUSD’s products until July 13, 2023.

TrueUSD Faces Data Breach via Third-party
TrueUSD customers received an email warning of a security breach that may have compromised their personally identifiable information

The email also states that immediately after the announcement, TrueCoin’s cybersecurity and technical teams investigated to determine the extent of the breach and recommended that customers closely monitor their personal accounts and report any suspicious activity.

“TrueCoin has taken swift action to prevent any unauthorized access. TrueCoin’s internal systems remain uncompromised.”

TrueCoin notified TrueUSD on September 20, 2023, that a third-party provider had informed them of “an unusual account change within TrueCoin’s organization carried out by the compromised support provider.” TrueCoin added that they have no logs of the attacker downloading, altering, or deleting personal information from their systems.

The stablecoin issuer’s team also confirmed the information and asserted that “both the TUSD system and TUSD reserves are unaffected.”

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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