CurrentC hacked. Most amazing set of headlines only an hour apart.

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I have never seen such a rapid dissolution in a company’s argument.

First there was this, at 7:52 am PST:

MCX defends CurrentC against Apple Pay controversy, says sensitive customer data is saved in the cloud 

Where the MCX CEO states this:

The CEO said that MCX will not store sensitive customer data within the application, and will instead save it on a “secure cloud-hosted network.”

Then there was this, at 8:53 am PST, one hour later:

Apple Pay competitor CurrentC hacked, alerts pilot program participants of security breach 

Where they admit that their servers had been breached and email addresses had been stolen. 

The first paragraph of the former, detailing an MCX blog post:

As Apple Pay and Google Wallet users have joined together in an attempt to fight a consortium of retailers that have blocked NFC-based payments, the company behind the CurrentC mobile payment program has come out in defense of itself, saying that members of the public are “misinformed.”

The first paragraph of the latter, an hour later:

CurrentC, a mobile payment system that has found itself at odds with both Apple Pay and Google Wallet, announced on Wednesday that it has been hacked and that some users’ email addresses may have been obtained.

Yeah, I trust them with all my data.

I think their system is just about dead in the water.