More Than 500 BlockFi Users Received Racist And Offensive Emails

More than 500 BlockFi users received racist and offensive emails after their addresses were used to sign up for fake accounts so let’s read more in our latest cryptocurrency news today.

This week’s temporary closure of registrations for BlockFi app happened due to an attack by a malicious actor as per the reports from Forbes. According to the employees of the company, the single attacker started a registration process for about 1000 fake accounts and used email addresses that belonged to real users. The attacker wrote racist and vulgar emails to more than 500 BlockFi users that were sent out automatically before BlockFi caught on to the problem and stopped all operations altogether.
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For example, Journalist Sara Sheridan wrote tweeted:

“I am the farthest thing from a crypto investor. I never even heard of BlockFi before receiving an email addressing me as a racial slur.”

@BlockFiZac Is this getting fixed? I cannot login? Help us! pic.twitter.com/ayjBrlSP62

— adamfalah (@adamfalah19) March 9, 2021

Zac Prince who is the CEO of BlockFi described the attack as a technical issue with the new account signup workflow before unveiling the scope of what actually happened in the Forbes article. A similar attack was reported by the FTX derivatives exchange where the attackers managed to trick the feed from the Blockfolio Signal app and displayed racist messages as well. FTX CEO Sam Bankman Fried thinks that the attack was done by a competitor. Some BlockFi customers reported that they weren’t able to access the company’s website altogether after a scheduled maintenance period which concluded earlier this month but the matter was likely unrelated to the attack.

1/ We are temporarily pausing new signups for @BlockFi. Existing clients continue to have full access to the platform and everything other than new sign ups is operating normally. We experienced a minor

— Zac Prince (@BlockFiZac) March 8, 2021

The visitors to the BlockFi website are met with a message where it says that while registration remains closed, pre-existing BlockFI clients still have full access to the platform. The attack outlines problems that are coming at a critical time for the three-year-old company with it trying to close a round of funding which will bring valuation to $3 billion. The assets lender attracted more than $100 million in venture capital so far including contributors from Winklevoss Capital and Coinbase Ventures. In May 2020, BlockFi suffered a data breach where full names, emails, and addresses were compromised.

As recently reported, Crypto lending company BlockFi submitted a registration form for a BTC trust with the US Securities and Exchange Commission and if it gets the green light from the US SEC, it will directly compete with the Grayscale Bitcoin trust.