Facebook is no stranger to computer hacks and leaks, and the company has been the victim of numerous high-profile security breaches in recent years. For example, in 2018, the social media giant revealed that it had inadvertently disclosed personal information to more than 50 million users due to a simple bug in the platform code that allowed attackers to access user accounts.

Likewise, in 2020, the company led by Mark Zuckerberg was embroiled in another major controversy when it was revealed that thousands of developers were able to access data from inactive users of the platform, sparking resentment once again among many around the world.

Now, in 2021, the tech giant has once again suffered from a new wave of data breaches, but this time the number of users whose records were exposed was not 50 million, but rather 500 million. On April 3, Alon Gal, chief technology officer at security firm Hudson Rock, revealed that the sensitive personal information of more than half a billion Facebook users had been posted to a well-visited hacker forum.

To be more specific, the records include phone numbers, full names, locations, dates of birth, biographies and in some cases email addresses of more than 553 million local users in 100 countries. Moreover, out of the above number, it appears that 32 million users are from the US, and 11 million from the UK.

Finally, this data, now circulating online, can jeopardize the savings of millions of traders and cryptocurrency holders, who may now be vulnerable to the SIM swapping and other identity-based attacks that have occurred in recent years.

what should be done?
How does this latest breach put a person’s crypto assets at risk? Dave Jevans, CEO of blockchain security company CipherTrace, told Cointelegraph that people who leaked phone numbers should be especially careful, as this information is affected by many instances of fraud in digital assets, adding:

“We are seeing an increase in SIM card exchanges, phishing attacks and other types of cryptocurrency fraud that rely on obtaining victims’ phone numbers. Good information about the identities of known crypto users gave the attackers an opportunity to attack them.”
He added that people who think their cryptocurrency may be vulnerable need to rethink current privacy strategies – think twice before storing all of their assets on a central exchange that can use a user’s phone numbers for two-factor authentication. …

Jevans also believes that managing our keys can be the best way to protect our valuables from being seized with stolen phone numbers. However, he acknowledged that even this might not be enough. “Attackers can still use other means to obtain information about accounts and addresses, but this is more difficult,” he added.

Ben Digels, co-founder and CEO of Constellation, a scalable blockchain that set the standard for data protection in transit, told Cointelegraph that Facebook’s latest security move isn’t surprising, especially since most social media users tend to follow others. A way of thinking, that is, what they like to rule their world and organize for their sake.

He added that for most users, if they forget their passwords, they can only force the system to reset it for them. Not only that, according to Diggle, most people who use Facebook aren’t fully aware of the size of their digital footprint really – an aspect that Facebook doesn’t make clear either – and he adds:

“Those who are the holders of the cryptocurrency that were on the list may not have to worry about if they don’t store metadata about their assets and access their Facebook accounts. However, these hackers have become very sophisticated, so I have no idea what tricks they can get. Use it to collect information related to cryptocurrencies and exchanges. ”
However, he believes that as a precaution, most users would be better off changing their passwords on all of their social media accounts, as well as other platforms that share their data with Facebook.

Is decentralization important?
As more and more data leaks continue to occur, more and more people around the world are realizing the security value of the proposal presented by decentralized systems, especially since there is not a single point of error.