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Bitfinex CTO Confirms No Data Breach, Denounces False Allegations

Paolo Ardoino, the Chief Technology Officer of Bitfinex, has unequivocally debunked recent allegations of a data breach concerning the cryptocurrency exchange, assuring users that their data remains secure.

Addressing the rumors head-on, Ardoino conducted a thorough internal review over the weekend, concluding that Bitfinex’s user database has not been compromised.

The allegations initially surfaced when Alice of Shinoji Research posted claims of a significant data breach affecting Bitfinex. These assertions, later deleted, were based on statements from a hacking group, FSociety, which purported responsibility for the alleged breach on April 26. According to FSociety, approximately 2.5 Terabytes of data and personal details of 400,000 users were compromised.

However, Ardoino’s investigation revealed no evidence of such a breach. He clarified that the purported data had not been extracted from Bitfinex’s servers but rather compiled from unrelated breaches in the past. The compilation was misrepresented as a breach of Bitfinex, utilizing recycled credentials to fabricate a false alarm.

In a retraction of the initial claim, Alice of Shinoji Research acknowledged the misunderstanding, attributing it to old data collected from various breaches by another group known as Flocker. This misrepresentation, she explained, was intended to mimic a ransom demand, exploiting fears of a significant breach.

Ardoino emphasized the inherent risks of password reuse across multiple platforms, urging users to adopt unique passwords for enhanced security, particularly on platforms handling sensitive financial information.

This incident serves as a poignant reminder of the importance of robust password practices and vigilant cybersecurity measures in safeguarding user data against potential breaches and exploitation.

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