TrueCoin Security Breach Incident Exposed Customer's Information

TrueCoin, the former banking and customer onboarding service provider of TrueUSD, has recently announced a shocking security breach. This incident has exposed significant personal information belonging to their customers. The breach can be traced back to a compromised third-party vendor employed by TrueCoin. Consequently, concerns regarding data security and privacy have been raised.

However, the breach did not compromise TrueCoin’s internal systems. It occurred during their tenure as the TrueUSD operator until July 13, 2023. During that time, they had access to specific customer data, including Know Your Customer (KYC) details and transaction histories. Unfortunately, this data may have been accessible to the attacker due to a compromise in a third-party vendor.

It is important to highlight that the TrueUSD (TUSD) platform’s security and reliability remain intact. TrueCoin promptly alerted the TUSD team, confirming that their Security Team detected an unauthorized account modification within TrueCoin’s organization. It serves as reassurance to TUSD users that their funds and sensitive information are secure without any associated risks.

TUSD team was informed by TrueCoin that they received a third-party vendor's notification that the vendor’s Security Team detected “an anomalous account change within [TrueCoin’s] organization made by a compromised support vendor.”
— TrueUSD (@tusdio) October 16, 2023

TrueCoin’s team is currently working alongside the relevant authorities to investigate a security breach. Their proactive measures aim to strengthen their security protocols and ensure the prevention of future incidents. It serves as a notification to TUSD users, urging them to exercise caution and remain vigilant when revealing personal data online.

The recent security breach at TrueCoin has highlighted the crucial need to protect digital assets. It serves as a reminder for service providers and customers to remain vigilant in order to safeguard their data and financial well-being from potential threats. The breach emphasizes the essentiality of implementing robust security measures, not only for TrueCoin but also for the entire digital landscape.

“The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.”