Quote from: 1miau on January 28, 2020, 10:40:11 PM

They can use it to commit criminal activities simply by impersonating the person whose data was hacked and open an account under their name through which they can perform illegal activities.

This can be devastating for an individual. Criminals can take out credit cards and loans in your name, and rack up hundreds of thousands of dollars worth of debt which you are liable for. They can file claims under your insurance details (including medical insurance), and again, you are liable for the cost. Even if you manage to convince a court that these charges weren't made by you, which can be very difficult to do, you can be left with thousands of dollars in legal fees, huge amounts of debt, and unable to ever get a loan, credit, mortgage, insurance policy, and so on, ever again. Identity theft can literally ruin your life. It is absolutely mind boggling that people risk this daily so they can get paid a few made up tokens which they won't even be able to sell.

Quote from: cryptoaddictchie on January 29, 2020, 03:07:44 AM

But I'm indeed do some KYC process on some huge exchange such as Binance. I just hoping this one wouldn't be compromise by hackers and steal some vital info of their users.

Too late I'm afraid: https://www.coindesk.com/binance-kyc-issue

Quote from: cryptoaddictchie on January 29, 2020, 03:07:44 AM

But probably they will prefer cash over some info right? but they can have both!

Exchanges often have far more lax security regarding protecting customers' KYC data compared to protecting their money. Lots of exchanges employ very shady third party companies to handle their KYC processes, with entirely expected results. Some exchanges, even major ones like Coinbase, have been caught actively selling their customers' data.