Investment Analyst - Liquid Strategies

Based co-founder responds after data breach exposes cardholders' ID details. Updated 2026/10/12 at 6:33 PM Based co-founder Edison has responded to a data breach that exposed sensitive identity information belonging to the company's Visa cardholders. The incident has raised concerns about customer privacy and potential security threats involving cryptocurrency users. The company has contacted Singaporean authorities and launched efforts to support affected customers. Meanwhile, Based maintains that its trading services and self-custody wallets remain secure. Based notifies Singapore regulators following cardholder data breach. Based co-founder Edison confirmed that the company notified Singapore's Personal Data Protection Commission (PDPC) and filed a police report. The breach occurred on October 5 and involved an internal operations dashboard supporting the Based Visa Card program. An intruder accessed the company's internal system and extracted customer Know Your Customer (KYC) records linked to cryptocurrency wallet addresses. The exposed information included names, birth dates, nationalities, passport numbers, Singapore national identification numbers, email addresses, telephone numbers, and residential addresses. In an October 11 post on X, Edison said compliance and operations teams had started contacting affected customers. He added that Based was coordinating with law enforcement and relevant regulators as investigations continued. However, the company has not disclosed how many cardholders the incident affected. Reports have also not established whether attackers transferred any customer funds. The compromised records originated from the card issuer supporting Based's Visa Card, which connects with its cryptocurrency trading application. The card offers cryptocurrency spending functionality and advertises cashback rewards of up to 8%. Based previously raised $11.5 million through a Series A funding round led by Pantera Capital. The company also reports more than 100,000 registered users across its services. Despite its growing customer base, Based has not provided a timeline for completing the investigation or identifying every affected account. Based says trading app and self-custody wallets remain secure. Edison maintained that the October 5 security breach affected the card operations infrastructure rather than Based's broader trading platform. According to the company, its trading application and self-custody wallets remained unaffected throughout the incident. Based explained that its wallet infrastructure operates without the company holding users' private keys. Furthermore, the platform relies on Privy to manage social login functionality, separating wallet access from the compromised card system. The company plans to maintain normal Visa Card operations while investigating the incident and strengthening its internal security controls. Edison also addressed concerns about an administrative backend that reportedly leaked five months earlier. He identified that system as an experimental OpenClaw administration prototype developed for internal testing in March 2026. According to Edison, Based subsequently retired the prototype, which contained no customer information and had no connection to card operations. He said the company's priorities include assisting affected users, improving security monitoring, and continuing development of its trading services. However, the exposure of identity records alongside cryptocurrency wallet addresses introduces security risks beyond unauthorized financial transactions. Blockchain analytics firm Chainalysis has warned that criminals can exploit leaked personal information to identify cryptocurrency holders for physical attacks. Such incidents, commonly called wrench attacks, involve violence, intimidation, or kidnapping to force victims into transferring digital assets. Chainalysis identified leaked databases, social media activity, and insider information as potential sources criminals use when selecting targets. The Based incident follows other cryptocurrency-related identity data exposures, including a reported attack involving Revolut. In that case, attackers reportedly impersonated government authorities through email to obtain customer identification documents and transaction histories. The perpetrators subsequently demanded approximately $3 million, demonstrating how stolen identity records can support extortion attempts.

Bitcoin-Denominated licensed life insurer Meanwhile raises $37.5 million, led by Bain Capital Crypto. Oct 08, 2026 18:39 Meanwhile has raised $37.5 million from existing investors in a round led by Bain Capital Crypto, with participation from Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital. The company's total funding has now exceeded $180 million. Meanwhile is the first licensed life insurer to operate entirely in Bitcoin. Its BTC Life 1-Pay policy targets high-net-worth clients outside the US, and the company has signed 15 brokers across Singapore, Hong Kong, the UAE, and Switzerland. Meanwhile expects its 2026 net long-term underwriting income to more than double from 2025. Bitget cites $387.5M assets tied to attacker addresses; NK links suspected. Intermediaries launder $1B+ from Bybit theft; tracing hampered by swaps, cross-chain moves, and OTC. Recovery hinges on custody actions. WuBlockchain · Oct 08, 2026 05:00 According to CoinShares' Bitcoin Mining Report | Q2 2026, publicly listed Bitcoin miners continued to redirect power and data center resources toward AI and high-performance computing (HPC). WuBlockchain · Oct 07, 2026 04:13 Bitcoin Core v32 branched off from master into the 32.x release branch on September 14 and entered its RC testing cycle, with v32.0rc1 released for community testing. WuBlockchain · Oct 06, 2026 05:06 The content on this website is for informational purposes only and does not endorse any business or investment activities. Readers should comply with local laws and avoid illegal financial activities. No part of WuBlockchain's content may be reproduced without permission. Legal action will be taken against violators. Beware of fake accounts - WuBlockchain only shares blockchain information, does not engage in politics, never requests transfers via private messages, or promotes any specific token. Do not trust such claims.

Pantera Capital and Bullish also participated in the ANVL purchase as Anvil rolls out software designed to make its collateral protocol easier for businesses to integrate.