Data breaches in fintech surged in 2025, with regulators logging over 8,000 cases that affected hundreds of millions of people.
CeFi platforms, blending centralized finance with blockchain technology, have emerged as prime targets for cybercriminals.
Figure Technology's recent incident fits this troubling pattern.
The Attack on Figure Technology
Hackers gained entry through a classic social engineering tactic.
An employee at the blockchain-based lender was manipulated into granting unauthorized access.
This allowed the intruders to pull a limited set of files from company systems.
Figure confirmed the breach on February 13, 2026.
The company acted swiftly to contain the incident.
Forensic experts were brought in to assess the damage.
What Data Was Compromised
Exposed information includes full names, home addresses, dates of birth, and phone numbers.
TechCrunch reviewed samples from the leaked cache, confirming the sensitivity of the details.
No evidence suggests financial credentials or funds were taken.
The 2.5 gigabytes published on the dark web came from ShinyHunters.
The group targeted Figure after the lender declined to pay.
This move aligns with their pattern of pressuring victims publicly.
Figure's Response and Mitigation
Figure Technology notified impacted customers promptly.
The firm is providing free credit monitoring to those affected.
A spokesperson emphasized ongoing collaboration with partners to resolve the matter.
According to reports, the company blocked further access within hours of detection.
This rapid response limited the potential fallout.
Still, the breach exposes vulnerabilities in employee training and access controls.
Broader Trends in CeFi Security
Social engineering attacks have become a dominant threat in cryptocurrency and fintech.
Chainalysis data shows billions lost annually to such scams, often amplified by AI tools.
CeFi platforms must prioritize layered defenses beyond blockchain's inherent security.
Analysts note that incidents like this erode trust in centralized lending services.
Figure's public trading status adds regulatory pressure to strengthen protocols.
The event echoes similar breaches at other tech firms using single sign-on systems.
Lessons for Users and Platforms
Customers should monitor their credit reports and enable two-factor authentication everywhere.
Avoid sharing personal details in unsolicited communications.
For CeFi firms, investing in advanced threat detection is no longer optional.
This breach at Figure Technology serves as a stark reminder.
Security in technology-driven finance demands constant vigilance from all parties.
As the sector matures, robust practices will separate resilient players from the rest.
