Plutus, The Crypto Management App, Denies Claims Of Being Hacked

Plutus, The Crypto Management App, Denies Claims Of Being Hacked

On 9th July, 2020, there was an uproar on Twitter as an Israeli Cyber Security company, Sixgill, claimed that Plutus’s database was compromised. However, Plutus has made it known that, as per their security checks, no data has been leaked by hackers.

Sixgill put up a tweet on 9th July, which read, “Threat actors are sharing a database for the banking app, Plutus, that allows you to manage your #fiatmoney and #cryptocurrencies. #darkerthingsdaily #cryptocurrency #bitcoin #cybersecurity #cyberthreats #databreach #hackers @plutus.”

Sixgill is run by a team of experts in cybersecurity and is a credible source. Their cyber intelligence team has experienced people trained in the Israeli cyber defense industry. They can proficiently navigate through the dark web to find hacking possibilities and have previously alerted several companies of imminent threats.

The screenshot that Sixgill uploaded to Twitter shows that the attackers published 1205 user information, including their passwords to an unidentified website. The passwords were related to the user accounts and were, therefore, “bycrypted.” Sixgill also indicated that the information was being leaked since 7th July. However, they did not issue any further details.

Upon Sixgill’s tweet, Plutus investigated the matter gave a statement to a digital newspaper. They stated that there was no such security threat and that they had not found any evidence of hacking. They further assured their customers that banking with Plutus was safe and that the customers would not lose any crypto or fiat balance.

Plutus is a London-based, crypto management app. It was started in 2015, by Danial Daychopan, and is now being used by thousands of customers all over Europe. The app provides an opportunity for users to buy and sell cryptocurrencies, as well as spend it on shopping apps. They also give the users a Plutus Visa Card for ease of transaction.

Plutus prides itself on being one of the most secure apps in the market. They hold cybersecurity at supreme importance. The app uses a two-factor authentication system, wherein users not only have to enter their ID and password, but they also require a code sent to their phones or email IDss. 

Plutus aims to use crypto and fiat currency for contactless payments. It allows its users to have a non-custodial wallet. Users do not need to keep money in the Plutus wallet. They can make payments to third-party apps using their individual banks or credit/debit cards. It does not save any balance on its servers. Therefore, the company claims that hacking such a wallet is next to impossible as customers get to choose their own bank.

Plutus gives considerable amounts in cashback and rewards called “Plutons” to customers who make payments using this app. Recently, customers who used the Plutus debit card for shopping on the Nike site were given Plutons in the form of rewards. Customers can gain between 3-9% in cashback and reward Plutons on such purchases.

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