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On-Chain Analytics Platform Nansen Warns of Security Compromise

2 mins
Updated by Geraint Price
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In Brief

  • Nansen, an on-chain analytic platform, urges users to reset passwords due to a security breach from third-party vendors.
  • The crypto ecosystem is often targeted by cyber threats, with Nansen being the most recent victim of such incidents.
  • The security compromise allowed hackers to steal password hashes of Nansen users, prompting an immediate investigation.
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Nansen has informed its users of a security incident from its third-party vendors. The company has asked affected users to reset their passwords immediately.

Security incidents are frequent in the crypto ecosystem. The on-chain analytics platform Nansen is the latest victim.

Hackers Stole Password Hashes of Nansen Users

Nansen shared a photo informing users about the security incident. It wrote:

“On Sept. 20, Nansen was notified by one of our third-party vendors that their systems had been compromised. A breach on the vendor’s side gave an attacker access to admin rights to an account used to provision customer access to our platform. We managed to stop the unauthorized access shortly after learning about it and launched an immediate investigation.”

Click here to learn more about the eight best on-chain analysis tools for 2023.

Screenshot from Nansen’ X (Twitter) handle

Due to the security breach, the hackers accessed data such as email addresses, blockchain addresses, and password hashes of the Nansen users. Overall, 6.8% of Nansen customers were impacted by the security incident.

The company did not name its third-party vendor but revealed that its services are used by Fortune 500 companies. Also, Nansen asked its vendor to disclose the breach publicly.

A community member appreciated Nansen for its transparency. They wrote:

“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.”

However, some have also criticized the company for shifting the blame on its third-party vendor. An X (Twitter) user wrote:

“Nansen hacked. A classical ‘we used a shitty service provider, sorry’ story.”

In June 2021, BeInCrypto reported that Nansen raised $12 million through a Series A round led by Andreessen Horowitz. According to Crunchbase, later in December 2021, it raised $75 million in a Series B round.

As a result of the crypto bear market, Nansen reduced its headcount by 30% in May 2023.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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