Blockchain has submitted a report to the Securities and Exchange Commission (SEC), revealing that a former employee stole Cash App customer data.
The cache app was known as Square Cash before it was reorganized as Square Block. The Cash app now forms a major “block” within the new company. Unfortunately, the company is at the center of security breaches, with an employee accessing and downloading data after they quit their jobs.
The company’s SEC filing described the incident:
On April 4, 2022, Block, Inc. (“Company”) announced that it had recently determined that a former employee downloaded some reports from its subsidiary Cash App Investing LLC (“Cash App Investing”) on December 10, 2021. So there was some US customer information. Although these employees had regular access to these reports as part of their past work responsibilities, in these cases these reports were accessed without permission after the end of their employment.
The report said the stolen information included full name and brokerage account number, as well as portfolio value, holdings and one-day trading activity of multiple accounts.
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Fortunately, the information did not include additional, more sensitive information such as username, password, date of birth, social security number, bank account, address, payment information or other personally identifiable information. The information did not include other security access information such as PIN number, access code or cache app password.
The block has already enlisted the help of a leading forensic investigative agency, as well as the authorities, and is currently alerting 8.2 million former and current clients to the breach.