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LastPass Has Revealed Yet Another Security Breach

It’s been revealed that the popular password manager was hacked using intel gained from a previous August 2022 attack.

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lastpass has revealed yet another security breach

The CEO of LastPass, Karim Toubba, has revealed that the leading password manager has suffered another serious data breach. Toubba said that LastPass engineers detected unusual activity from a third-party cloud storage service in August 2022 — a service shared with parent company GoTo, which readers may remember by its former name of LogMeIn.

Security firm Mandiant was hired to investigate the suspicious incident, and together, they uncovered that the unauthorized person(s) gained access to LastPass cloud services using information obtained from a previous security breach in August of this year. The latest incident is thought to be rather serious, giving the criminal party access to “certain elements” of customer information.

When the password manager’s systems were breached back in August, Toubba says that after an investigation, the unauthorized party was found to have had internal access to LastPass systems for four days. The hacker was able to steal source code and some technical information, but security engineers said customer data and password vaults remained safe.

Also Read: WhatsApp Hacker Is Selling Over 150 Million MENA Numbers

In a separate but related announcement, parent company GoTo has admitted that hackers gained entry into its own development environment of remote work tools. Echoing the statement from LastPass, GoTo has assured customers that its services are functioning fine despite the data breach. Both LastPass and its parent company are still investigating the scope of the incidents, and we’ll likely hear more details over the coming months.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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