Beware Swan BItcoin (Patreon)

Swan has had a litany of issues. Today yet another one.

There is now a phishing attack on Swan Bitcoin users - hackers got Swan customers email addresses. I think they use Hubspot and that is another security mistake right there.

This yet again highlights the ongoing risks in the cryptocurrency space, where the promise of high returns or the fear of losing assets can be exploited by attackers. It serves as a reminder for all cryptocurrency users to remain vigilant and skeptical of unsolicited communications, even if they appear to come from trusted sources.

OTHER ISSUES WITH SWAN IN THE PAST

Swan Bitcoin, a company focused on Bitcoin transactions and custody, has faced challenges related to its custodial partners but has not lost Bitcoin in the incidents involving these partners. The company has been associated with two custody service providers that experienced significant issues: Prime Trust and Fortress http://Trust.Prime Trust Incident: Prime Trust, Swan's initial custodian, filed for bankruptcy in August 2023. This occurred after a series of controversies and regulatory actions, leading to its receivership by Nevada regulators. Despite this, Swan managed to fulfill customer withdrawal requests, and no customer funds were reported lost during this transition. Fortress Trust Hack: Fortress Trust, which became Swan's custodian after Prime Trust, suffered a security breach related to third-party API integrations. Although there were concerns about the safety of Swan's customer funds, Swan assured its users that their Bitcoin was securely held in cold storage with BitGo, another custodian. Ripple, which acquired Fortress Trust, compensated for any losses resulting from the hack, and Swan maintained that no customer funds were lost.