I have been a BlockFi user since the start of this year and they have high profile investors like Coinbase, Winklevoss capital, Consensys, Fidelity investments, Morgan Creek capital investements and many more. With such huge backing for the institution I was convinced to be a part of the BlockFi family. Who wouldn't like interests on their crypto for just HODLING as they offer really good rates? Anyway let's get straight to the news!

BlockFi had confirmed yesterday that they had been victims of a "SIM swapping attack". One of the employee's cell phone had been compromised and the hacker had taken control of the employee's cell phone through a SIM-swap attack. The good news is that all the customer funds are safe and the bad news is that customer data (Account histories, Names, Addresses, Date of birth and Email addresses) were compromised.

Dear Valued BlockFi Client,

On May 14th, there was a data incident at BlockFi that exposed certain client account information for a brief period of time. While no information was accessed that would enable the intruder to access your account or your funds, we believe it is in the interest of transparency to share the following details with you, and all of our other clients who were potentially affected. 

Your funds, passwords, and non-public identification information are secure and no BlockFi client or company funds were impacted or at risk. No action is required by you. 

It is important to keep your funds safe at hardware wallets and minimize the trust on centralized institutions. There is no system that hasn't tried to be hacked so there's no need to be fearful just don't trust all your money with them. Even Binance was hacked before but look at them now they've comeback even stronger. It is only from the mistakes they'll be able to learn and provide even better solutions. Each centralized institution has its own risk so be careful in what decisions you make and only you'll be responsible for making them.