Facebook Loses Data for 267 Million Users, Calls Libra Security Into Question

The data that was exposed included personal information including names, numbers, and login information. The breach was discovered by an independent security consultant in Kyiv Ukraine—Bob Diachenko.

Facebook Data Breach Details

Diachenko explained that he discovered the file while surfing a hacker forum. The information had been online for a minimum of ten days. Apparently he informed the hosting site, who sought to take action. The information was no longer available at press time. However, the information is already widely available online. With ten days to mine the file, a host of hackers would certainly have been able to access and the data. Users should change passwords to protect themselves. Apparently the data was collected illegally. Current research suggests that a group of hackers in Vietnam scraped the data from public pages, or by gaining privileged account access. The hackers may have used a system similar to a feature Facebook disabled in 2018 that allowed users to search for one another via phone number.

Security Fears Spark Libra Debate

The oft-repeated failings of the tech giant have drawn substantial concerns from users and regulators alike. The track record of the company is anything but encouraging for those who store any information on Facebook. What’s more, the risks associated with such a breach also put advertisers and users with other features in peril as well. Of particular concern is access to credit card numbers through login information. Of course, the secondary issue facing the company relates to the problems with its proposed digital currency, Libra. Facebook has suggested that international financial transactions could take place through Libra with great simplicity. However, with breaches of this kind taking place on a regular basis, many suggest that Facebook is ill-equipped to handle security. The troubles for Facebook adding another financial component would only increase the danger factor. Instead, many have suggested that Bitcoin, unlike stablecoins like Libra, functions independently. Users need only protect their private keys personally to ensure security. In this sense, Bitcoin is more secure than Facebook or Libra could ever be.