As officially revealed recently, in mid-June, the Reddit social network was hacked and the data of several users, as well as individual email addresses and passwords, were stolen. The hackers got hold of an old database containing the users’ credentials. The team continues to research how to improve site security. In the meantime, Reddit Bitcoiners are still on high alert.
That was announced through an entry containing the hacking details. The most affected ones were those users registered on the platform before 2007, whose credentials, hashed usernames and passwords, email addresses and all public content, and private messages, were stolen.
Reddit is a network actively used by the Bitcoin (BTC) community. It shares announcements of crypto-related platforms and opens discussions on scalability and other critical technology-related issues. In fact, the founder of Ethereum (ETH), Vitalik Buterin, is a user who has been participating in this network since 2011.
Reddit Bitcoiners still on high alert
By email, the Reddit team has been notifying users who were affected and whose credentials may still be valid. The credentials of those registered on the site after 2007 were not compromised. However, e-mail summaries sent by Reddit in June 2018 were also intercepted. Data that links a username to an associated email address and contains suggested publications of popular and subscribed subreddits also fell into the hands of the cybercriminals.
While the Reddit team acknowledges that it was a major attack, it notes that the information on the site was not altered and that measures have been taken to protect the security of the platform.
In addition to user data, Reddit’s source code, internal logs, configuration files and other workspace files were compromised. As a result of this security breach, the team concluded that the two-factor authentication system (2FA) based on tokens is much more secure than the previous authentication system.
Also, cybercriminals could generate campaigns to steal money by promoting scams through notable Reddit Bitcoiners whose credentials have been compromised. At the moment, it does not seem safe to accept any investment advice generated on the platform.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.