Europe’s largest financial technology company acknowledged that it fell victim to a sophisticated impersonation scam in which unauthorized parties exploited a compromised Italian government email system to request personal customer information from Revolut staff. The breach affected approximately 680 of the fintech firm’s 80 million global customers, with evidence suggesting that targeted accounts belonged to individuals with suspected cryptocurrency holdings.
According to reporting by the Financial Times, one of the alleged hackers has made a $3 million ransom demand in exchange for not publishing the stolen customer data. However, a Revolut spokesperson stated that the bank “has not received any direct contact or demand from the individuals or group making these claims.” The purported hacker has indicated a preference for payment through Monero, a privacy-focused cryptocurrency platform that would leave no traceable record of any transaction.
Several victims have expressed serious safety concerns following the breach. Mark Karpelès, former chief executive of the defunct cryptocurrency exchange Mt. Gox, disclosed that he was among those affected and subsequently contacted law enforcement authorities in Tokyo, where he resides. Karpelès indicated that his residential address was included in the stolen data and expressed worry about potential threats to his family. He noted that some victims have formed support groups to share information about the incident and that at least one individual was approached by someone claiming to have their personal details, requesting $50,000 for their deletion.
The incident comes as Revolut pursues plans for a significant stock market listing, with founder Nik Storonsky announcing intentions for a dual listing in London and New York. Karpelès stated he does not believe Revolut should pay the ransom, as doing so would provide no guarantee of data deletion. He also emphasized that the breach is particularly damaging to Revolut’s reputation given that the company’s customer base typically prioritizes privacy. Revolut stated that its systems and customer funds remain unaffected and that it has notified affected individuals and relevant authorities.
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