Nansen Security Breach: 6.8% User Emails and Blockchain Addresses Exposed

2023-10-12, 07:30

TL; DR

Hackers compromised the Nansen platform resulting in exposure of some of its users’ email addresses and passwords.

Nansen advised its users to reset their passwords to avoid phishing incidents and further security threats.

Internet users should always take measures such as using unique passwords, VPN, and secured internet to protect their data.

Introduction

Security breaches are frequent in the crypto sector which results in loss of many digital assets. However, in some cases the malicious actors may need to access user details for other purposes. Recently, Nansen, a blockchain analytical firm, was breached and the emails and blockchain addresses of some of its users were exposed.

6.8% of Nansen Users’ Emails Exposed

Nansen Company, a crypto advisory firm, reported that one of its third party suppliers’ accounts was breached resulting in 6.8% of its users’ email addresses, password hashes and blockchain addresses being exposed. The malicious actor hacked an administration account of one of its vendors connected to the Nansen platform.

Although Nansen, the blockchain analytics platform, did not mention the name of the vendor, it said that it provides its services to Fortune 500 companies

Immediately after realizing the attack Nansen issued a security , identified the affected users as well as advising them to change their passwords. Nonetheless, the crypto hackers did not steal the users’ funds. Nansen emphasized that the accounts of the users who did not receive emails and direct security s are safe.

Despite the security compromise Nansen maintained that although the passwords were exposed they were encrypted and the crypto hackers would need brute-force attacks to decrypt them. All the same, there was a high risk of phishing for the user whose email addresses were exposed.

Still, in general, Nansen advised all its users to reset their passwords. There was no fear regarding the crypto investors’ digital wallets since the company had not requested their private keys.

According to Nansen Company an investigation is in progress to identify the people behind the hacker attack and establish how the attackers engineered the security compromise. Basically, we know Nansen for providing various blockchain data such as NFT analytics.

Community Response to the Nansen Security Compromise

In the meantime, the Nansen community on X (formerly Twitter) has shown mixed feelings about how the blockchain analytics platform handled the security breach.

One community member appreciated the way Nansen Company openly communicated about the crypto hack. He/she said, “Kudos to Nansen for their transparency and speed of response. This is a very difficult situation to deal with and especially sucks when it’s a 3rd party vendor that’s at fault.”

Nonetheless, there are Nansen’s X community users who have accused the firm of shifting the blame for the hacker attack to a third party. For instance, one community member wrote “Nansen hacked. A classic ‘we used a shitty service provider, sorry’ story.”

Crypto Security Tips from Gate.io

Since crypto hacks and other cyber-attacks are rampant in the blockchain sector all digital asset investors should safeguard themselves against them.

Also, it’s worth noting that crypto hackers can use various means to access your digital assets or sensitive data. For example, they can use phishing, malware, stealing Secret keys or compromising SMS Verification.

In the case of Nansen company security compromise, hackers would use phishing attacks on the users. Phishing attacks occur when malicious actors steal people’s usernames, email addresses, bank details or any other important information. They can use such data to steal their digital assets or commit other virtual crimes.

To prevent phishing attacks you should not visit websites and applications you are not familiar with. You should also ensure that you use correct and authentic website links. Also, make sure to verify the emails and URLs that you use.

Use Unique Passwords: To prevent any possible security compromise one should use unique passwords that comprise numbers, capital letters, small caps and special characters. This makes it difficult for crypto hackers or other cyber criminals to crack them.

Use two factor authentication: When you are using several crypto exchanges and other DeFi protocols ensure to use two factor authentication such as codes sent to your mobile phones, email or Google authenticator app. They provide an extra layer of protection from crypto hacks and other security breaches.

Always Update your Software: An outdated software is more prone to a hacker attack than an updated one. Therefore, it is wise to update all software when they are due for that. For example, desktop digital wallet apps require constant upgrading.

Always Use Secure Internet: Public Wi-Fi and unsecured internet are susceptible to security breaches. Therefore, it is important for you to use secured internet or private Wi-Fi when accessing your DeFi apps and digital wallets. You can also use VPNs which hide your IP and physical location.

IMPORTANT! Crypto security course from Gate.io: Blockchain Security : Cryptography, Consensus, Hack

Use Cold Wallets When Possible: As far as possible use cold wallets to manage your digital assets. This is because such wallets are off-line most of the time which reduces the chances of security breaches. Multisignature wallets are better than the ones that rely on a single key.

Stay Updated with Security Tips and Trends: lastly, you should remain updated on the recent security trends and tips. This is because the hackers and bad actors may employ tricks that never existed before.

Conclusion

Nansen Company, the crypto advisory and investment firm, recently experienced a crypto hack which exposed the emails and blockchain addresses of some of its users. Nevertheless, all its users’ digital assets were safe. Through a security , Nansen encouraged all its users to change their passwords.

FAQs about Nansen

What does Nansen do?

Nansen is a crypto advisory and investment firm that provides blockchain data to its clients. Digital asset investors and projects get timely information on what is happening in the sector. Such data enables them to make investment decisions.

Where is Nansen based?

Nansen, the blockchain analytics firm, is based in Singapore. Basically, it uses AI algorithms to collect and analyze data related to various aspects such as crypto trading, NFT performance and other developments in the blockchain sector.

Who is the CEO of Nansen?

Alex Svanevik is the Founder & CEO of Nansen. He has much knowledge and expertise in deep blockchain and digital assets. Alex Svanevik, Lars Bakke Krogvig and Evgeny Medvedev founded in Nansen in 2020 with the objective of creating transparency on the transfer of digital assets among parties.

How much is Nansen worth?

Nansen is valued at over $750 million. It raised its capital through a series A round and other investment deals. For example, it had a $12 million Series A raise led by a16z.

Author: Mashell C., Gate.io Researcher

*This article represents only the views of the researcher and does not constitute any investment suggestions.

*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.