Three execs from ‘troubled’ Evolve Bank have left their jobs

Three executives from Evolve, a crypto-friendly bank that suffered a data leak affecting at least 7.6 million customers, have all reportedly left their jobs.

According to financial journalist Jason Mikula, the bank’s chief credit officer, corporate controller, and chief lending officer-open banking have left their roles. 

Evolve was hacked by the Russia-based ransomware group Lockbit in May with a whopping 33 terabytes of user data leaked the following month. This data belonged to customers from Bitfinex, Nomad, and Copper Banking. 

Data included personal information such as names, addresses, social security and tax ID numbers, dates of birth, account balances, and email addresses. 

Evolve has reportedly been pausing certain wire transfers over $3,000. In these cases, a so-called ‘travel rule’ kicks in that requires the collection of additional data.  

There may be more shoes yet to drop

Mikula told Protos, “Evolve is facing enormous challenges on multiple fronts right now, and I suspect there may be more shoes yet to drop.

“Retaining and attracting talent can become a major challenge for troubled institutions like Evolve. The work of remediating a consent order — to say nothing of the Russia-linked ransomware attack or Synapse bankruptcy — can be time-consuming, tedious, and often thankless.” 

Read more: Federal Reserve issues enforcement action against Evolve Bank

Evolve Bank and Trust and ​​Evolve Bancorp were issued the consent order in June. It claimed the bank had “deficiencies in its anti-money laundering, risk management, and consumer compliance programs.”

Mikula said, “Experienced, skilled executives with other options don’t always want to stick around for that, while less-skilled or motivated employees may be more likely to.” 

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