TrueUSD Reports Data Breach Through Third-Party Vendor

After one of TrueCoin’s third-party vendors was compromised, the team behind the stablecoin TrueUSD (TUSD) announced a potential disclosure of certain Know Your Customer (KYC) and transaction history information.

Until July 13, 2023, TrueCoin was the operator of the TUSD stablecoin. The security team of a third-party vendor informed TrueCoin on October 16 of “an anomalous account change within [TrueCoin’s] organization that was made by a compromised support vendor.”

TrueCoin therefore suspects that some of TUSD’s existing customer data has been compromised. TrueCoin’s internal systems were not compromised or accessed, as the intrusion was limited to a third-party vendor.”

The TUSD system is safe and not under attack. Both the TUSD system and TUSD reserves are unaffected, TrueUSD confirmed via its official X (previously Twitter) account.

Names, email addresses, and phone numbers, among other information, obtained from such intrusions are typically used in phishing attacks.

Attackers target unwary investors by imitating a variety of crypto services, frequently promising high returns in a short period of time.

The impact of the attack and the resulting data breach has yet to be determined, as the total number of users whose information was compromised was not disclosed during the announcement.

TrueCoin recently severed ties with Prime Trust, a Nevada-based exchange, after the latter unexpectedly ceased fiat and cryptocurrency deposits and withdrawals.

TrueUSD announced that “it is not affected by the situation” at Prime Trust, while highlighting its diverse partnerships and commitment to sustaining “multiple USD rails” elsewhere.”

PrimeTrust has suspended all fiat and digital asset deposits. The #TrueUSD (#TUSD) is unaffected by this circumstance.

We maintain multiple USD channels for minting and redemption and have no exposure to Prime Trust. TrueUSD stated that all of your funds are secure with them.