Robinhood discloses data breach impacting 7 million customers

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Stock trading platform Robinhood has disclosed a data breach after their systems were hacked and a threat actor gained access to the personal information of approximately 7 million customers.

After learning of the attack and securing their systems, RobinHood also received an extortion demand.

While Robinhood has not provided any details regarding the extortion demand, it was likely a threat that the stolen data would be leaked if a Bitcoin ransom was not paid.

“As a Safety First company, we owe it to our customers to be transparent and act with integrity,” said Robinhood Chief Security Officer Caleb Sima.

In 2019, Robinhood recommended users reset all of their passwords after it was discovered they were stored in their system in human readable format, otherwise known as clear text.

While Robinhood did not detect any unauthorized access to these passwords, it could have allowed employees to see customers’ passwords.

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