23andMe Holding Co. is facing multiple lawsuits and a possible delisting from US stocks. It is an American biotechnology and genomics company. Hackers access the user data of 23andMe and sell that data with Jewish heritage. For almost five months, the 23andMe company had not detected a data breach. It gave access to hackers with malicious intent to steal user data and target Jewish users.
Here is what you must know about 23andMe company, lawsuit, and possible stock delisting.
23andMe Holding Co.:
23andMe Holding Co. is a US-based biotechnology company. Its headquarters is in San Fransisco, California. CEO Anne Wojcicki founded 23andMe Holding Co. in 2006.
23andMe Holding company site explains that the company is into DNA testing for ancestry, health, etc. The company has 14 million customers. 23andMe also collected the users' family tree information. Information like names, date of birth, location, relationships, etc., is available on the 23andMe website.
23andMe company went public in 2021. The company's share price was $16 before the hacking news came out.
23andMe Holding Co. and Hackers:
Hackers have attacked the 23andME company website and stolen the data of nearly 7 million users. Hackers may leak DNA ancestry data online.
Wired reported that some 23andME users' data leaked online on BreachForums, a hacking forum. Hackers claimed to access over 1 million data points about Jewish users.
Hackers are selling 23andME user profile information for $1-$10 per account. The 23andME leaked user information reveals the genetic ancestors such as Arabic or Europeans.
The company has told TechCrunch that the data breach happened five months ago, and they failed to detect the breach.
23andMe Lawsuit:
23andMe is facing three dozen lawsuits. Twenty lawyers have filed suits against 23andMe company. On 2nd February 2024, 23andMe lawyers will meet the other party who have filed lawsuits.
It is expected that 23andMe holding company attorneys will try to make a global settlement with other lawyers.
The 2023 hack has damaged the 23andME company's reputation.
23andMe company and Nasdaq:
Nasdaq has threatened 23andMe company about possible delisting. The company's share value has fallen from $16 to $0.76.
23andMe's CEO Anne Wojcicki:
While the news of the data breach leaked online, the company is facing multiple lawsuits; Anne Wojcicki is planning to change the company from an ancestral data company to a healthcare company. The next focus is to sell medications and health reports.
Conclusion:
23andMe is facing multiple lawsuits after the massive data breach that the company was not able to identify for five months. The company's failure to identify and fix data breaches has caused data leaks to 7 million users online. Hackers are selling 23andMe holding company's data online. 23andMe's stock value went down to 0.76 cents. Nasdaq has also threatened 23andMe about possible delisting from the US stock market.
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