Crypto Community Reacted to BDO Hacking Incident

Share some Bitpinas love:

Following reports of hacked BDO Unibank Inc. accounts, Luis Buenaventura II, founder of cryptocurrency exchanger BloomX, country manager of gaming firm Yield Guild Games and a regular BitPinas Contributor, shared his views about the incident through a Facebook post.

According to a report by Manila Bulletin, the hack that happened last week, December 9-11,  BDO accounts were hacked by cybercriminals, stealing from P25,000 thousand to P50,000 pesos per account. The money stolen from BDO accounts were transferred to the scammer named “Mark D. Nagoyo” which has multiple UnionBank accounts.

Moreover, the siphoned amount from the victims were believed to be used to buy Bitcoin, the leading cryptocurrency. Following this, a source confirmed to Manila Bulletin that a UnionBank Account, #1094211022533, was used to buy Bitcoin worth P5M pesos from the cryptocurrency market on December 11.

However, Buenaventura implied in his post that neither crypto nor UnionBank should be blamed for this mishap.

“The one place I disagree with the reportage is when Samaniego writes that “Unionbank is the cybercriminals’ favorite bank because it has no limit on its transactions.”  I’d argue that the reason cybercriminals choose UB is because the ENTIRE crypto community does, due to its blockchain-friendly policies,” Buenaventura wrote. Samaniego noted Buenaventura’s comment and mentioned about updating the published article on Manila Bulletin.

He noted that there are many legitimate reasons to need higher transaction limits but “implying that UB is a bank for criminals isn’t helpful in this conversation.”

“At best, it’s unnecessarily provocative. At worst, it will compel UB to lower its transaction limits and create bottlenecks for customers with real high-volume use cases,” Buenaventura added.

Further, the crypto community has also shared their thoughts across several comment sections on Facebook regarding the issue. They pointed out that it seems BDO is blaming UB for their poor cyber security. 

“It’s BDO’s fault (that) they can be easily hacked. There’s a lot of p2p using UB but (there) wasn’t any of them (that) are hacked,” a crypto enthusiast commented.

Another individual expressed their disappointment regarding UnionBank and cryptocurrency taking the blame, stating that, “ it’s BDO’s fault for having poor security. This isn’t the first time they’ve been hacked, they’ve been hacked even before crypto became popular.”

Others even took the chance to suggest and promote the use of blockchain technology claiming that it’ll be safer than the traditional ways. Essentially, a blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

On the other hand, in the same article, it was confirmed that when you transfer money, the names are irrelevant to the bank, making the thieves harder to track.

“We found about twenty names and account numbers used by the scammers to receive money from BDO victims. Ellard Chua (one of the victims) said when you transfer money, the names are irrelevant to the bank. What’s important is the correct account number that would receive the transfer. True enough, when we checked, one of the victims’ accounts, transferred money to an account with a name that says GDHDVD HDJDHDH V verifying what Ellard Chua said that account names are irrelevant in money transfer transactions,” Samaniego wrote in Manila Bulletin.

In a statement, BDO acknowledged the “sophisticated fraud technique” and assured their account holders that they have already implemented additional security measures. Furthermore, the bank said it will reimburse their customers’ losses.

“We assure you that we have already implemented additional security controls to block further attempts and continue to protect bank credentials. Most recently, we have required our online banking users to update their passwords,” said BDO.

BDO stated that changing the password improves account security and prevents fraudsters from accessing their clients’ hard-earned money.

“Cybersecurity is a focal point of the banking sector. We at BDO are continuously investing and working towards improving our security infrastructure to protect our clients’ money. While we have put back-end measures in place, we appreciate our clients’ continued vigilance to combat fraud,” BDO added.

This article is published on BitPinas: Crypto Community Reacted to BDO Hacking Incident

Sources of Comments: (1, 2, 3)

Share some Bitpinas love:
Follow on social and subscribe to our newsletter
Subscribe
Notify of
guest
24 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

[…] This article was published on BitPinas: Crypto Community took action on the BDO Hacking Event […]

[…] This article was published on BitPinas: Crypto Community took action on the BDO Hacking Event […]

[…] This article is published on BitPinas: Crypto Community Reacted to BDO Hacking Incident […]

[…] This article was published on BitPinas: Crypto Community took action on the BDO Hacking Event […]

[…] This article was published on BitPinas: Crypto Community took action on the BDO Hacking Event […]

[…] This article was published on BitPinas: Crypto Community took action on the BDO Hacking Event […]

[…] This article is published on BitPinas: Crypto Community Reacted to BDO Hacking Incident […]

[…] This article was published on BitPinas: Crypto Community took action on the BDO Hacking Event […]

[…] This article is published on BitPinas: Crypto Community Reacted to BDO Hacking Incident […]

[…] This text is revealed on BitPinas: Crypto Community Reacted to BDO Hacking Incident […]

[…] This article is published on BitPinas: Crypto Community Reacted to BDO Hacking Incident […]

[…] However, the Filipino crypto community shared their sentiments regarding the hacking incident as well as the UnionBank and cryptocurrency taking blame. According to Luis Buenaventura II, founder of cryptocurrency exchanger BloomX, country manager of gaming firm Yield Guild Games and a regular BitPinas Contributor, neither crypto nor UnionBank should be blamed for this mishap. (Read more: Crypto Community Reacted to BDO Hacking Incident) […]

[…] However, the Filipino crypto community shared their sentiments regarding the hacking incident as well as the UnionBank and cryptocurrency taking blame. According to Luis Buenaventura II, founder of cryptocurrency exchanger BloomX, country manager of gaming firm Yield Guild Games and a regular BitPinas Contributor, neither crypto nor UnionBank should be blamed for this mishap. (Read more: Crypto Community Reacted to BDO Hacking Incident) […]

[…] However, the Filipino crypto community shared their sentiments regarding the hacking incident as well as the UnionBank and cryptocurrency taking blame. According to Luis Buenaventura II, founder of cryptocurrency exchanger BloomX, country manager of gaming firm Yield Guild Games and a regular BitPinas Contributor, neither crypto nor UnionBank should be blamed for this mishap. (Read more: Crypto Community Reacted to BDO Hacking Incident) […]

[…] On the other hand, the Filipino crypto community also expressed their opinions regarding the hacking incident. According to Luis Buenaventura II, founder of cryptocurrency exchanger BloomX, country manager of gaming firm Yield Guild Games and a regular BitPinas Contributor, neither crypto nor UnionBank should be blamed for this issue. (Read more: Crypto Community Reacted to BDO Hacking Incident) […]

[…] On the other hand, the Filipino crypto community also expressed their opinions regarding the hacking incident. According to Luis Buenaventura II, founder of cryptocurrency exchanger BloomX, country manager of gaming firm Yield Guild Games and a regular BitPinas Contributor, neither crypto nor UnionBank should be blamed for this issue. (Read more: Crypto Community Reacted to BDO Hacking Incident) […]

[…] Gayunpaman, nagpahayag ng kanilang saloobin ang mga miyembro ng Filipino crypto community tungkol sa insidenteng ito ng ‘hacking’ pati na rin ang pagbagsak ng sisi sa UnionBank at sa cryptocurrency. Ayon kay Luis Buenaventura II, ang tagapagtatag ng cryptocurrency exchanger na BloomX at country manager ng gaming firm na Yield Guild Games at isa ring regular na contributor sa BitPinas, hindi dapat sisihin ang crypto o ang UnionBank sa gulong ito. (Dagdag babasahin: Reaksyon ng Crypto Community sa BDO Hacking Incident) […]

[…] Gayunpaman, nagpahayag ng kanilang saloobin ang mga miyembro ng Filipino crypto community tungkol sa insidenteng ito ng ‘hacking’ pati na rin ang pagbagsak ng sisi sa UnionBank at sa cryptocurrency. Ayon kay Luis Buenaventura II, ang tagapagtatag ng cryptocurrency exchanger na BloomX at country manager ng gaming firm na Yield Guild Games at isa ring regular na contributor sa BitPinas, hindi dapat sisihin ang crypto o ang UnionBank sa gulong ito. (Dagdag babasahin: Reaksyon ng Crypto Community sa BDO Hacking Incident) […]

[…] Gayunpaman, nagpahayag ng kanilang saloobin ang mga miyembro ng Filipino crypto community tungkol sa insidenteng ito ng ‘hacking’ pati na rin ang pagbagsak ng sisi sa UnionBank at sa cryptocurrency. Ayon kay Luis Buenaventura II, ang tagapagtatag ng cryptocurrency exchanger na BloomX at country manager ng gaming firm na Yield Guild Games at isa ring regular na contributor sa BitPinas, hindi dapat sisihin ang crypto o ang UnionBank sa gulong ito. (Dagdag babasahin: Reaksyon ng Crypto Community sa BDO Hacking Incident) […]

[…] Gayunpaman, nagpahayag ng kanilang saloobin ang mga miyembro ng Filipino crypto community tungkol sa insidenteng ito ng ‘hacking’ pati na rin ang pagbagsak ng sisi sa UnionBank at sa cryptocurrency. Ayon kay Luis Buenaventura II, ang tagapagtatag ng cryptocurrency exchanger na BloomX at country manager ng gaming firm na Yield Guild Games at isa ring regular na contributor sa BitPinas, hindi dapat sisihin ang crypto o ang UnionBank sa gulong ito. (Dagdag babasahin: Reaksyon ng Crypto Community sa BDO Hacking Incident) […]

trackback

2stubbornly

[…] was recently involved in an incident where BDO accounts were hacked by cybercriminals, stealing from Php 25,000 thousand to Php 50,000 per account. The money stolen from BDO accounts […]

[…] was recently involved in an incident where BDO accounts were hacked by cybercriminals, stealing from Php 25,000 thousand to Php 50,000 per account. The money stolen from BDO accounts […]

[…] was recently involved in an incident where BDO accounts were hacked by cybercriminals, stealing from Php 25,000 thousand to Php 50,000 per account. The money stolen from BDO accounts […]

BitPinas

BitPinas is the oldest blockchain and cryptocurrency news outlet that covers the Philippine blockchain and crypto scene. We are also writing general and international blockchain topics that are relevant to our audience.