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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

How Bitcoin And Crypto Exchange KYC Could Be The Next Ledger Leak

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin crypto ledger leak

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A leak of crypto cold storage wallet manufacturer Ledger’s customer database has put over a quarter of a million Bitcoin and altcoin investors at serious risk. Some have had accounts drained, while others have experienced extreme threats of harm directed to their families and homes.

The situation sheds a light on a serious issue plaguing the cryptocurrency industry, and that issue is personal data privacy and security. As investors are now encouraged to put as much effort into personal data security as they do in protecting their assets, the fact that KYC is enforced on cryptocurrency exchanges means that this risk will never completely disappear. Here’s why KYC could be the source of the next major leak.

Not Your Keys, Not Your Bitcoin. Not Your Personal Data, Either

Even new crypto investors understand the importance of keeping cryptocurrencies off of exchanges and moving them into cold storage for safe-keeping. Ledger, a cold storage manufacturer offers solutions to serve this need for digital asset safety and security.

By moving Bitcoin and altcoins offline to a device not connected to the internet, digital assets are safely stored and out of the reach of cybercriminals.

But what Ledger users are now learning, is that although cybercriminals can’t touch the crypto stored on the device, real-world criminals can use private and personal data extracted from Ledger’s customer database to threaten physical harm if Bitcoin and other assets aren’t promptly turned over.

Related Reading | Ledger Leak: Bitcoin Investor Threatened With Kidnapping, Murder

A story just broke involving a Reddit user who was threatened by a self-proclaimed meth addict demanding a ransom in XMR, or else they would kidnap them and murder their family members found at the user’s place of residence.

Authorities have been contacted in this case, but a company responsible for selling safety and security has instead put its customers in grave danger.

bitcoin crypto ledger leak reddit murder

Could the Ledger leak be to blame for the Bitcoin and altcoin pullback? Source: CRYPTOCAP-TOTAL on TradingView.com

Why Personal Opsec And Privacy Is Useless In A World Of Crypto Exchange KYC

Crypto market vets have spoken out that these users should have realized that part of protecting their Bitcoin and altcoins also includes personal data privacy and strong personal opsec.

But at the same time, companies need to be far more responsible in preventing situations like this from occurring and should purge customer data periodically.

And if sensitive personal data such as name, address, phone number, must be kept totally private at all times, then what then do investors do about cryptocurrency exchange KYC?

Related Reading | Bitcoin And Crypto PSA: How To Protect Yourself From The Ledger Leak

More than a year ago, even Binance was claimed to have had its customer KYC data leaked, which included not only identifying info like name or address but ID documentation as well. Such data exposure can lead to identity theft, digital asset theft, hacks, and more.

Due to government regulations, customers in the US are especially vulnerable due to how much personal info is demanded. Consumers are forced to either forget crypto entirely, secure it through unorthodox means which also carries risk, or stick to the mandatory requirements that put them at risk.

There’s no telling how the KYC data is stored, or if it is the company or a third-party management solution handling it. In an industry built on trust, transparency, privacy, and decentralization, intervention from the state and negligence from centralized corporations combined with human error and weak security infrastructure will keep personal data at risk for years to come.

Featured Image From Deposit Photos, Charts From TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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