An update on the data incident announced on 8 October
We recognise that this incident has caused concern to many of our cardholders, and we sincerely regret the concern and inconvenience caused.
This update sets out the steps taken since our last announcement and the precautions that cardholders are advised to take.
What we have done since our last update
- We have filed a police report and are working with the police and the relevant authorities on their investigation.
- We have engaged independent security experts to carry out a security audit of our systems related to card services.
- We have paused new Based Visa Card signups until the independent security audit of our card services systems is complete.
- Requests to close accounts have been processed. Our operations and compliance team is handling the orderly withdrawal of funds for those accounts.
- We are strengthening our internal security controls and working towards recognised third-party security certifications.
Support for affected cardholders
We are finalising further support measures for affected cardholders, which will include identity monitoring services. Eligible cardholders will be contacted directly by email once the arrangements have been confirmed.
What has not changed
Based on our investigations to date:
- The Based Wallet, including perps trading and onchain swaps, was not affected and continues to work as normal.
- Card numbers, CVVs, PINs, ID photographs and liveness check images were not affected.
- Funds on your Based Visa Card are safe, and cards continue to work as normal. Cashback and rebates continue to accrue.
- Be careful of anyone who contacts you using your personal details
- We will never ask for your card number, PIN, CVV, passwords or seed phrase.
- Based Visa Card support is only available through the in-app support chat.
- Our team members will never DM you on Telegram or X about your account.
- Do not click links or sign wallet transactions from unsolicited messages.
- Our emails about this incident will direct you to check details in the app. They will never ask you to enter card details, payment information or passwords through a link.
Further updates will be shared with affected cardholders directly by email.
This update reflects our understanding as of today and may change as the investigation continues.
Based Visa Card: Security Incident Update
On 5 October 2026, we were alerted that an unauthorised party has gained access to an internal dashboard used to manage the Based Visa Card program. The attack was swiftly stopped and contained as soon as it was discovered.
KYC data collected by our card issuer for some cardholders, including name, ID or passport number, date of birth and address, may have been obtained by the attacker.
What was NOT affected:
- Card numbers, CVV and PIN
- Photographs of IDs and liveness check images
- Based Wallet, which was used for trading
- Funds on the Based Visa Card. Your funds are safe and Visa cards continue to work as normal.
Affected cardholders have been notified by email today, and relevant authorities have been informed.
What can you do next?
If you are one of the affected users, assume that the data is compromised. Be careful of impersonation attempts from anyone who possesses that information. Sophisticated attackers may use this information to perform social engineering attacks.
Also, support for Based Visa Card is only done on the in-app support chat, and no team members will DM you on Telegram or X for account servicing purposes. For security reasons, comments on this tweet is disabled on purpose.
We are sorry about this incident, and we are working closely with our card service provider to tighten access controls and enhance monitoring.