The situation surrounding a data breach affecting numerous fintech companies has taken a bizarre turn. Evolve Bank & Trust recently disclosed that it had been hacked and confirmed that the stolen data has been made available on the dark web. The bank has now issued a cease and desist letter to a newsletter writer who has been reporting on the incident.
Jason Mikula, the author of the reputable industry publication Fintech Business Weekly, revealed to TechCrunch that he received a cease and desist letter from the bank instructing him not to share any files from the dark web with allegedly affected fintech companies.
Although Mikula clarified that he had not shared any files, he had offered to do so and had reviewed some of the information. It is common for journalists to examine hacked data to confirm a breach and understand what data was compromised.
According to Mikula, not all impacted fintech companies have received comprehensive information about the breach, leading to confusion among industry sources. “Some fintechs have not received ‘confirmation’ from Evolve regarding the breach, causing delays in risk mitigation and user notifications,” Mikula explained to TechCrunch.
Mikula believes that allowing affected companies to view the files would help them confirm the breach and identify specific customers impacted by the breach.
While Mikula was publishing details about the affected fintech companies on X and in his newsletter, he received praise from users such as Parrot Capital. Parrot tweeted, “Jason has been providing better customer service for those affected by the Evolve Bank breach than anyone else.”
Despite the cease and desist letter, Mikula affirmed his commitment to responsibly reporting on the situation. TechCrunch has reached out to Evolve for a response.
Meanwhile, while Evolve’s legal team was in contact with Mikula, a group of senators publicly urged parties involved with Synapse, including Evolve, to take action. They demanded that Synapse and its partners restore customers’ access to funds immediately following the company’s bankruptcy.
The senators implicated Synapse’s partners and investors in the disappearance of customer funds, raising serious concerns about the handling of funds totaling millions of dollars. Synapse and its associates, including Evolve, have denied responsibility and are deflecting blame.
The senators directed their letter to W. Scott Stafford, the president and CEO of Evolve Bank & Trust, as well as key stakeholders in Synapse and its partners.
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