Betterment Breached by Crypto Hackers, Users Defrauded of Over $13,000
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- User Alerts: Betterment was breached by hackers, leading to thousands of users receiving fake push notifications and emails promoting a scam that promised to triple their cryptocurrencies within three hours, resulting in losses exceeding $13,000 for some users.
- Hacker Tactics: The attackers exploited Betterment's third-party marketing system to send fraudulent messages, enticing users to deposit between $1 and $750,000 in Bitcoin or Ethereum, showcasing a strategy that leverages trusted platforms for scams.
- Company Response: Two hours post-attack, Betterment issued warnings via social media, clarifying that user account security was not compromised and that an investigation was underway to identify the source and methods of the breach.
- Security Risks: This incident highlights a new tactic among crypto hackers, who now utilize trusted financial platforms for attacks rather than fake websites, increasing user risk and potential losses significantly.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
