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- Netcoins cryptocurrency platform has recently fallen victim to a cybersecurity incident on September 17, 2023, which potentially affected users’ personal information such as email addresses, passwords, and government-issued ID details among others.
- The company’s internal control systems detected suspicious activity within their hot wallets. They managed to tackle the vulnerability swiftly, ensuring no customer funds or crypto assets were compromised.
- Following the breach, Netcoins is undertaking a forensic investigation with the help of external cybersecurity experts and has informed law enforcement and regulatory bodies.
- To safeguard users’ data and provide peace of mind, Netcoins has reset all customer passwords and is offering one year of complimentary credit monitoring and identity theft protection via TransUnion Canada’s myTrueIdentity® service, along with identity theft restoration services through CyberScout.
- Users are advised to stay vigilant, update passwords on other platforms if they resemble their former Netcoins password, and report any suspicious activity on their financial or credit accounts. Furthermore, users can consult the Incident FAQ on the Netcoins website for more information or reach out to Netcoins’ customer support for assistance.
Tips and resources for protecting your identity are available at: https://www.priv.gc.ca/en/privacy-topics/identities/identity-theft/guide_idt/
My Experience in the Netcoins Breach
I was affected by the Netcoins breach was impacted including my email address, Netcoins password, first name, last name, phone number, date of birth, occupation, address, government-issued ID type and number, crypto wallet address, and trading history.
Netoins offered me a year of protection against any potential misuse of your information, we are providing you with one year of credit monitoring and identity theft protection through the assistance of Trans Union of Canada.
I signed to the credit monitoring service (https://www.mytrueidentity.ca) link and code that Netcoins provided.
And I instantly received an email from myTrueIdentity that “At this time, we are not able to provide you with credit alerts.“
So I called the number got put on hold multiple times and was finally told to call back because their system was slow.
I called TransUnion for a second time now and they say I am going to receive credit alerts even though the email says I am not able to get credit alerts because there are no credit alerts on my account.
Signing up for the Trans Union myTrueIdentityy service doesn’t feel very safe. They don’t allow special characters in the password field and they don’t tell you in the warnings. You just have to guess.
The email I received from Netcoins about the security breach came from an email: firstname.lastname@example.org
This email address is not listed on the Netcoins website as a trusted domain.
I reached out to Netcoins support and they confirmed this email (email@example.com) was sent out from Netcoins in regards to the incident that occurred on September 17, 2023 and the Trans Union subscription included in the email is also legit.
✅ Security Tip – Use a different password and 2FA when signing up for websites. Because I always use unique passwords, I only had to worry about updating my Netcoins password and not other accounts being at risk because I never reuse passwords.
I will continue to update this post on with my experience on the Netcoins security breach.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
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HowToBuyBitcoin101.com is basic how-to crypto guides, reviews, and information for beginners to get started with cryptocurrency in Canada. Personal investment disclosure: I am long BTC & ETH. I take profits when I feel like it. I trade altcoins in hot markets. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
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