Avicii caused losses of about $1M for 1,685 users due to a security vulnerability. The company is currently planning full compensation. Another report, however, claims the losses were about $0.5M. But A-Jian believes the significance of this matter isn’t about the exact amount of the loss—it’s about whether compensation will be made, how it will be made, and who will pay.
For a payments product, security incidents aren’t the scary part. What’s scary is when the project doesn’t have a compensation plan and doesn’t provide a clear ledger of users’ liabilities. A well-run, resilient risk-mitigation framework must include an accident budget. And for ordinary users, when using crypto cards/neobanks like this, remember to read the compensation terms, the custodian, and withdrawal permissions carefully first.
For a payments product, security incidents aren’t the scary part. What’s scary is when the project doesn’t have a compensation plan and doesn’t provide a clear ledger of users’ liabilities. A well-run, resilient risk-mitigation framework must include an accident budget. And for ordinary users, when using crypto cards/neobanks like this, remember to read the compensation terms, the custodian, and withdrawal permissions carefully first.