€93,000 Crypto Theft at The Kingdom Bank Sparks Security Scrutiny

The Kingdom Bank is facing increasing scrutiny after a security breach resulted in the unauthorized withdrawal of over €93,000 worth of cryptocurrency. A regulated trading firm reported that despite enabling two-factor authentication (2FA), their account was compromised allowing for actions such as password resets and fund transfers to be carried out without 2FA verification. It is believed this happened after a third party gained control of the firm’s email, allowing them to reset the client’s password and then take over the account.