In a categorical counter-argument to rumours spread on the Internet, Kris Marszalek, the CEO of Crypto.com, has come out publicly denying the accusations that the company did not disclose a 2023 security breach, in which limited user data was disclosed. In a tweet on X, Marszalek underlined that Crypto.com had submitted the necessary statements to the authorities and regulators and that any insinuation of non-disclosure was entirely baseless.
Details of the Security Incident
In a statement by Marszalek, the firm had identified a phishing campaign against one of its workers in 2023. The security team managed to confine the breach in a few hours, and Crypto.com claims that no customer money was accessed or endangered. Only a very small set of users had partial personally identifiable information (PII) that was involved in the incident. It was reported that the attack was due to a well-established group of hackers that used social engineering techniques, and the perpetrator was subsequently convicted of similar crimes.
Regulatory Compliance and Transparency Concerns
Crypto.com asserts that it has adhered to all the requirements as stipulated by the regulatory authorities, disclosing the breach by submitti
ng official documents and other reports to the various jurisdictional authorities. However, other critics have cited the lack of publicising to individual users as a weakness in transparency, despite the company taking the necessary action in the shortest time and using the necessary procedures as required by Marszalek.
Security Certifications and Industry Standards
Marszalek noted that Crypto.com has battle-tested systems and that it leads the industry in the number of security certifications. The platform has achieved the highest maturity in global cybersecurity systems and is certified by the ISO/IEC 27701, ISO27001, PCI: DSS Level 1, and SOC 2 Type II, as evidenced by a strong payment security stance.
Implications of the Industries
The breach and its handling come amid increased scrutiny of security practices in the cryptocurrency sector, especially following high-profile incidents at other leading exchanges. Security experts have called for greater public transparency, while Marszalek asserts Crypto.com’s ongoing commitment to improvement and protection of user interests.
FAQ ( Frequently Asked Questions)
Crypto.com states that the 2023 incident did not require any customer funds and did not endanger them.
According to the company reports, only a small portion of user PII got exposed, and very few users were impacted.
Although the company states that it is in regulatory compliance, it is not clear whether the individual users were notified.
Crypto.com has the best certifications in the industry and has regular improvements to the system.
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