NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Two Canadian Banks Hacked, Cryptocurrency is the Better Store of Value

newsbtc
newsbtc
7 years ago
2 mins read

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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A recent hack on two Canadian banks that compromised almost a million customers is yet another reason everyone should be using cryptocurrency.

Two Canadian Banks Hacked on the Same Day

CIBC owned Simplii Financial was the first to announce on Monday that hackers had accessed and stolen the personal information of 40,000 customers.  Later the same day the Bank of Montreal announced it also had had its security breached by hackers who had gotten the personal information of 50,000 customers. In both cases, it seems that the hackers were also the tipsters that let the banks know about the crime. In each tip, proof of the hack was given in the form of names with account numbers plus dates of birth and SIN numbers.

The motivation, in this case, was blackmail as the hackers wanted a million dollars worth of the digital currency XRP. Country manager for Canada at cyber defence firm Darktrace David Masson said that the blackhats responsible were probably the same in both cases. He suspects the hackers used what is known as a “spear phising” attack.

Netizens on Twitter responded to the news by Tweeting that Canadian banks are weak on security, requiring only 5 digit pins with no special characters and not offering two-layer authentication. As the use of digital currency becomes more prevalent all around the world instances of hackers and cybercriminals targeting week security points will continue to grow.

Users of digital money may be more security conscious due to the technology involved in trading but there has been an estimated $1.2 billion stolen in cryptocurrency since 2017.

As was demonstrated by the Coincheck hack in January when around a half a billion dollars worth of XEM tokens were stolen from the exchange financial institutions do not have the best security.

Digital Wallets Provide High-Level Security

There is no reason today to trust outside security systems as digital wallets that provide both “hot and cold” storage can be an integrated part of any smartphone. Digital wallets use authentication, monitoring, and data encryption to secure personal information and are considered by security experts even safer than online banking because a phones OS uses “sandboxing architecture” to isolate apps from malware.

Just as importantly using a digital wallet allows the user to create their own security protocols. By using smartphone’s built-in security functions like fingerprint authentification or pattern solving and adding two-factor authentification a phones cold wallet function can be more secure than an exchange where human error is always a factor. Adding common sense practices like never using public wifi for financial transactions and always protecting personal information online may help make the wallet hack proof.

As for the Canadian hackers, since they revealed the stolen information, both banks were able to recognize all the compromised accounts and shut them down leaving the cyber thieves with nothing left to leverage.

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Comments 1

  1. Jared Odulio says:
    7 years ago

    there goes your KYC

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 1

  1. Jared Odulio says:
    7 years ago

    there goes your KYC

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

Crypto

SEC Chair Declares ‘Crypto’s Time Has Come’ In Latest Statement – Get The Full Scoop

Paul Atkins, the newly appointed chair of the US Securities and Exchange Commission (SEC), has boldly declared that “crypto’s time...

Ronaldo Marquez 19 hours ago

Bitcoin Holds $112,000 Support As Binance Whale Activity Cools Off – What’s Ahead?

Bitcoin (BTC) continues to defend the $112,000 support level following days of tepid price action, unable to give a clear...

Ash Tiwari 1 day ago
Solana

No Chain Comes Close: Solana Leads With 2.5x Ethereum’s Revenue

Solana has pulled well ahead of other networks on a key measure: revenue. That gap is large enough to change...

Christian Encila 1 day ago
Load More

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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

bitcoin hyper

Το Bitcoin Hyper συγκεντρώνει $200K σε 24 ώρες και σπάει το ορόσημο των $15M στην presale – Μπορεί να επαναλάβει το 227,000,000% του Bitcoin;

Ιωάννης Ριζόπουλος 10 hours ago
Crypto

Elliott Management Warns Of ‘Inevitable Crypto Collapse’ Linked To White House Support

Ronaldo Marquez 15 hours ago
bitcoin

Bitcoin Miners Shift Strategy: Accumulation Over Selling Signals Stronger Bull Cycle

Ash Tiwari 18 hours ago

Premium Sponsors

Press Releases

  • イーサリアム...

    2 hours ago
  • ビットコイン...

    3 hours ago
  • 200日移動平均線への挑戦、市場のセンチメントを探る

    シバコイン...

    3 hours ago
  • ドージコイン 今後の展望:DOGE ETF開始を前に高まる期待

    ドージコイン 今後の展望:DOGE...

    8 hours ago
  • リップル 今後の展望:電気自動車メーカーがXRPステーブルコインを採用、次世代決済網への布石か

    リップル...

    8 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.