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Buyucoin

Indian Crypto Exchange Buyucoin Hacked, Sensitive Data of 325K Users Reportedly Leaked

24/01/2021 by Idelto Editor

Indian Crypto Exchange Buyucoin Hacked, Sensitive Data of 325K Users Reportedly Leaked

Indian cryptocurrency exchange Buyucoin has reportedly been hacked and sensitive data of about 325,000 users has reportedly been leaked onto the dark web. According to reports, the leaked data includes personal information, encrypted passwords, user wallet details, order details, bank details, PAN numbers, passport numbers, and deposit histories.

Indian Cryptocurrency Exchange Hacked

Buyucoin, a Delhi NCR-based cryptocurrency exchange, has reportedly been hacked. The exchange has more than 350K registered users and has facilitated over $500 million in cryptocurrency trades, according to its website. Several local news outlets reported that sensitive data of about 325K customers has been dumped onto the dark web. IANS publication detailed on Friday:

The data leaked include names, e-mails, mobile numbers, encrypted passwords, user wallet details, order details, bank details, KYC details (PAN number, passport numbers) and deposit history.

Independent cybersecurity researcher Rajshekhar Rajaharia explained to the publication that the 6GB file on MongoDB database contains three backup files with Buyucoin data. The researcher also found his own information that he used to create an account on the platform last year among the leaked data. “This is a serious hack as key financial, banking and KYC details have been leaked on the dark web,” Rajaharia was quoted as saying.

On Twitter, a number of users said that their information was leaked. Rajaharia tweeted: “Trading in cryptocurrency? 3.5 Lakh Users data including me leaked from Buyucoin. The leaked data contains name, email, mobile, bank account numbers, PAN number, wallets details etc. Again didn’t informed to affected users by company.”

Buyucoin is the latest victim of the infamous hacker group Shinyhunters, which has been leaking databases for free on well-known English-speaking forums, according to the Economic Times. The group also leaked data of e-grocer Big Basket, educational technology platform Unacademy and payment aggregator Juspay.

Israel-based darknet threat intelligence provider KELA confirmed the leak to the publication. The firm’s threat intelligence analyst Victoria Kivilevich explained that “These records are now circulating on the dark web and available for use by other cyber criminals.” She added that they can use the data for anything from “phishing scams to gaining admin privileges and access into corporate networks if corporate credentials have been leaked.”

Buyucoin Is Investigating the Breach

Since reports of the security breach emerged, Buyucoin has released two official statements on the matter. The first was written by its CEO, Shivam Thakral. He wrote: “In the mid of 2020, while conducting a routine testing exercise with dummy data, we faced a ‘low impact security incident’ in which non-sensitive, dummy data of only 200 entries were impacted. We would like to clarify that not even a single customer was affected during the incident.”

Rajaharia responded to the exchange’s official statement in a tweet: “Such an irresponsible statement by Buyucoin. I am your registered and KYC verified user. You leaked my own data too. Please change your statement asap. What if someone used my account in any illegal activity. Please inform your users right now.”

The Buyucoin CEO’s message was subsequently replaced with a different one by the exchange. “Regarding the media report,” Buyucoin wrote:

We are thoroughly investigating each and every aspect of the report about malicious and unlawful cybercrime activities by foreign entities in mid-2020.

There have been no further updates from the exchange at press time.

What do you think about this Buyucoin hack? Let us know in the comments section below.

Filed Under: Bitcoin exchange, Buyucoin, buyucoin hacked, Cryptocurrency Exchange, Customer data, dark web, data leak, English, Exchanges, Hackers, indian crypto exchange, indian exchange hacked, News Bitcoin, security breach

Indian Women More Bullish On Crypto than Men, Invest Twice As Much

28/06/2018 by Idelto Editor

Indian Women More Bullish On Crypto than Men, Invest Twice As Much

Despite being a minority among crypto investors, just like anywhere else, women in India actually spend on cryptocurrency twice more than men do. A newly released survey also found that the majority of Indian crypto users live in big cities like Delhi, Mumbai, and Bangalore. The study comes out while Indians expect new regulations within weeks.      

Also read: Indian Crypto Regulations Ready in July, Official Reveals

Men Still a Majority Among Investors, Women Spend More

Indian Women More Bullish On Crypto than Men, Invest Twice As MuchUnsurprisingly, female crypto investors are a firm minority in India, and pretty much anywhere else on the planet. However, what sets Indian women apart from many other, beauty aside, is their willingness to spend more on cryptocurrency than their husbands and boyfriends.

According to a survey carried out by crypto exchange Buyucoin, female traders in India spend more than Rs.140,000 on average (>$2,000 USD), whereas men invest half of that, around Rs.70,000, Crypto News reported. The authors of the survey arrived to these numbers after examining trading data for the country’s largest cities, where the majority of cryptocurrency users are concentrated.

The research covers over 60,000 participants and has been conducted by Buyucoin between the months of May and June, this year. The trading platform’s chief executive and co-founder, Shivam Thakral, commented:

“We wanted to conduct a detailed study to ascertain new policies and strategies that will drive this industry ahead. We acquired some interesting facts such as the service sector is taking exceptional interest in trading of cryptocurrency, and females, in particular, showed great potential in leading this industry forward.”

The published data reveals that New Delhi (National Capital Region) is the area with the most active cryptocurrency users, 22.03 percent of the total. The city also has the largest share of female crypto investors – 8.8 percent, while men are 91.2 percent. Mumbai, the financial capital of India, takes the second position with 14.42 percent active users, 93.4 percent of which are male and 6.6 percent are female. Bangalore is in third place with 13.91 percent, men are 93.2 percent and women account for 6.8 percent.

They are followed by Hyderabad – 9.6%, Pune – 8.09%, Chennai – 5.94%, and Ahmedabad – 3.81% of active users. Kolkata is at the bottom of the table with only 3.23 percent of all users, 95.8 percent of which are men and 4.2 percent women. The 8 cities covered account for three quarters of all cryptocurrency investments in the report.

Indian Women More Bullish On Crypto than Men, Invest Twice As MuchAnother interesting finding is related to the age at which most Indians enter the cryptocurrency world. For male investors that’s 30 years, and for women – around 40. “Usually, woman investors who are buying or trading are over 40 years of age. Typically these are mature investors who are able to put in more money,” Buyucoin CEO, Shivam Thakral, explained for Quartz. “On the other hand, more men start investing at an early age with the average age for this group being 30,” he noted.

New Regulations Expected Within Weeks

The findings come at a time when the Indian crypto community expects authorities to present a comprehensive regulatory framework for the sector. The head of the government-appointed committee tasked to propose new regulations recently said that these will be ready in the first fortnight of July, as news.Bitcoin.com reported.

So far, authorities in Delhi have mostly demonstrated negative attitude towards cryptocurrencies with the finance minister declaring they are not to be regarded as legal tender in the country and the central bank restricting financial institutions from providing services to crypto businesses and users.

The ban imposed by the Reserve Bank of India is scheduled to come into force on July 5. A number of local crypto companies have filed petitions against the measure. According to the latest reports, the Supreme Court will hear some of them on July 3, right before the deadline set by the RBI for commercial banks to comply with its directive.

Do you think regulating cryptocurrencies will attract more women into the crypto space? Share your expectations in the comments section below.


Images courtesy of Shutterstock.


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The post Indian Women More Bullish On Crypto than Men, Invest Twice As Much appeared first on Bitcoin News.

Filed Under: bangalore, Buyucoin, crypto, Crypto investors, crypto traders, Cryptocurrencies, cryptos, Delhi, English, Exchange, India, Indian men, Indian women, Indians, Men, Mumbai, N-Featured, News Bitcoin, Regulations, study, Survey, trading platform, Women

India Searches for Ethereum Over Bitcoin

05/04/2018 by Idelto Editor

India Searches for Ethereum Over Bitcoin

For nearly half a year, India’s crypto enthusiasts have been searching for the cryptocurrency ethereum (ETH) over bitcoin (BTC). At the end of February, researchers confirmed ETH searches were twice as likely over BTC. Could the world’s second most populated country be souring on the world’s most popular cryptocurrency?

Also read: Trezor to Implement Bitcoin Cash Addresses

India Is Searching More for Ethereum, According to Researchers

According to Jana, a free internet provider in India, “Ethereum topped bitcoin as the most searched-for cryptocurrency in India over the past five months, commanding a 34.4% share of currency searches overall versus bitcoin’s 29.9%,” Quartz India reports. The results were published in Jana’s Mobile Majority study, finding the “next most searched-for currency was Buyucoin (NEM) with a 21.2% share, and the rest captured 5% or less.”

The CEO of Jana, Nathan Eagle, believes, “The government recommending shutting down exchanges and limiting currencies altogether, coupled with the decline in prices, has lead to the feverish pitch waning away dramatically. There are still quite a lot of searches but maybe we’re getting closer to what a true steady state should look like.” Part of the problem might be bitcoin’s success, ironically. It tends to get the majority of attention when concerns about cryptocurrencies arise. In recent months, India’s government and regulators have suggested everything from crypto not being legal tender to shutting exchanges.

India Searches for Ethereum Over Bitcoin

Jana used its Mcent browser to find currency terms searched for and exchange visits over a five-month period, October of last year through February 2018. According to Quartz India, “Ethereum searches were double that of bitcoin during last week of February.”

Thirty percent of all searches during that period happened at the height of bitcoin’s run during December of last year. There seems to be an almost inverse relationship between searches for ethereum and bitcoin’s price: the more of one necessarily means less of the other. Mr. Eagle explained how “search volume is a leading indicator of what has momentum and is showing signs of growth. It may not correspond to people buying more ethereum, but there’s certainly a lot more interest,” he told Quartz India.

India Searches for Ethereum Over Bitcoin

India’s Uneasy Relationship with Crypto

What is clear is that India has an uneasy relationship with cryptocurrencies generally and bitcoin in particular. And though the Jana study points to a downturn in bitcoin enthusiasm, there are welcoming signs. As we explained, companies “trying to establish themselves in the crypto sector and raise funds through cryptocurrencies are increasingly turning to India…Outsourcing advertising and marketing operations to Indian agencies offers startups a cheaper alternative now.”

India Searches for Ethereum Over Bitcoin

Non-governmental associations are welcoming even while India’s government is hostile. “An Indian chamber of commerce is launching a bitcoin mining training program in 30 cities across India,” News.Bitcoin.com reported. “The goal is to teach young people about bitcoin, cryptocurrencies, blockchain technology, crypto mining, and entrepreneurship to empower the rural population for self-employment.” There’s even “an initiative is bringing new investors on board. Bitcoin gift vouchers are gaining popularity in India’s IT hub – Hyderabad. A growing number of Indians like the idea of a cheap and low-risk entry into cryptocurrencies.”

Do you think search results are a meaningful indicator of cryptocurrency interest?  Let us know what you think in the comments below.


Images via Pixabay. 


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The post India Searches for Ethereum Over Bitcoin appeared first on Bitcoin News.

Filed Under: Bitcoin, Buyucoin, English, Ethereum, Hyderabad, India, Jana, Mcent, Mobile Majority, N-Featured, Nathan Eagle, News Bitcoin, search, Survey

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