• Over 16 billion passwords and login credentials leaked, potentially impacting all types of internet platforms.
• Crypto users urged to avoid cloud storage and keep seed phrases offline to prevent theft from these leaks.
• Analysts warn that these leaks, not caused by a single hack, could lead to identity theft and targeted phishing attacks.

The crypto community is very concerned after a research team discovered leaks adding up to 16 billion compromised passwords and login credentials. These breaches impact major Internet platforms of every type.

This team did not specifically mention crypto exchanges, but crypto-adjacent platforms like Telegram were thoroughly compromised. Users are encouraged to remain vigilant, avoid keeping passwords on the cloud, and strictly keep their seed phrases on paper.

Monumental Password Leaks Terrify Crypto

Digital security is very important for the crypto community, especially given the huge prevalence of hacks. However, this recent password leak did not come from a major hack, per se.

According to a report from Cybernews, the firm’s research teams identified 30 exposed datasets assembled by info thieves.

“This is not just a leak, it’s a blueprint for mass exploitation. With over 16 billion login records exposed, cybercriminals now have unprecedented access to personal credentials that can be used for account takeover, identity theft, and highly targeted phishing,” analysts claimed.

The reports further suggested that the 16 billion passwords covered websites of all kinds, from social media to banks and even VPNs. All this data was fresh and apparently crowd-sourced, laying the groundwork for future crimes.

Obviously, the crypto community was extremely concerned about this development. If the leaked passwords were as diverse as the report claimed, could they include seed phrases or exchange logins? Can crypto users be certain that their tokens are safe?

Paolo Ardoino, CEO of Tether, advertised his company’s new project to protect user passwords:

Still, there’s a good amount of catastrophizing over this incident. Researchers referred to this as a massive “leak,” not a hack, because it wasn’t a single breakthrough that exposed these passwords.

These credentials were assembled through a huge string of smaller breaches, many of which targeted cloud services.

In other words, users who don’t store passwords on the cloud may be more protected from these leaks. As far as the crypto community is concerned, some basic security measures, like keeping your seed phrase written on paper, would totally prevent theft.

Still, this incident is a reminder that crypto users must remain vigilant of potential hacks.