BMO and Simplii to be Hijacked; Hackers to Demand Crypto

Personal data of two popular Canadian banks was stolen by hackers, which now demand $1M in cryptocurrency
29 May 2018   1072

Unknown hackers attacked the leading Canadian banks Bank of Montreal (BMO) and Simplii Financial, the "daughter" of the Canadian Imperial Bank of Commerce (CIBC). In order to avoid the publication of personal data of banking customers, the attackers demanded from each bank, including through the media, to pay them $ 1 million in cryptocurrency. This was reported by the local CBC television channel.

This is a personal data "less than 50 thousand customers" BMO and about 40 thousand customers Simplii.

As a confirmation of the seriousness of their intentions, hackers attached unencrypted names, social security numbers and answers to control questions of a number of clients to the letters. In addition, they described how they managed to conduct a cyber attack.

Despite this, the BMO press service stated that they do not yet have reliable confirmation of the hack. In this case, the bank believes that both cases are related, and hackers are outside of Canada.

We took steps immediately when the incident occurred and we are confident that exposures identified related to customer data have been closed off.
 

BMO Representative

The investigation of the incident involved the Royal Canadian Mounted Police.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.