IRS Notice Targets Crypto ETFs Using In-Kind Redemption Tactic
The IRS issued a notice targeting crypto ETFs that use in-kind redemptions to avoid gains, and also shut down a tax-free stock swap for wealthy investors.
Revolut customers hit by second data breach in a month via DriveWealth; only pre-December 2023 data exposed.
For the second time in a month, Revolut customers—including thousands in Ireland—faced a data incident, this time caused by a third-party provider rather than Revolut's own systems.
DriveWealth, the US broker that previously handled US stock trading for Revolut users, said the breach occurred on September 4 and 5.
Social engineering tricks individuals into revealing sensitive data rather than directly exploiting software flaws. DriveWealth confirmed that attackers used this method to gain unauthorized network access this time.
Only historical customer records from before Revolut changed its trading model were exposed. In the European Economic Area, including Ireland, that cutoff was December 2023. Revolut stopped sharing individual customer details with DriveWealth after that, so recent users are unaffected.
Exposed data may include names, email addresses, phone numbers, postal addresses, employment details, and biographical information such as citizenship, age, and gender. Partial DriveWealth account numbers were also compromised.
Passwords, payment card details, bank information, Revolut passcodes, and identity documents were not compromised. A Revolut spokesperson confirmed that DriveWealth contacted affected customers directly, and Revolut followed up with its own emails.
This breach follows another incident earlier in September, where a sophisticated impersonation scam using a legitimate Italian government email domain tricked Revolut into releasing sensitive data. That case affected roughly 680 customers globally and involved identity documents.
Other platforms using DriveWealth's infrastructure were also affected. Stake and Hatch confirmed they experienced similar exposure.
Neither Revolut nor DriveWealth has disclosed the exact number of impacted customers. Revolut serves about 3.4 million customers in Ireland alone.
Affected users should monitor communications, watch for phishing attempts, and contact Revolut through official channels with concerns. Two breaches in one month highlight growing risk tied to third-party fintech infrastructure.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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