PayPal, the well-known online payment platform, has been the victim of a significant cyber attack that exposed user data and facilitated the theft of funds from users' accounts. The breach prompted the company to send out alerts to users on February 22, highlighting the severity of the situation. According to a report from Forbes, the hackers were able to infiltrate the company's systems and execute several unauthorized transactions, including money transfers and password alterations.

Although users received warnings about the breach in February, the hacking incident reportedly began in early July of the previous year. The attackers maintained their access to PayPal's systems until mid-December, when the company finally detected the breach. This prolonged access allowed the hackers to manipulate financial transactions discreetly over several months, raising serious concerns about the security measures in place at PayPal.

The breach has also had repercussions for PayPal's Working Capital application, which provides quick financing to small business owners. As detailed by Bleeping Computer, the attack not only jeopardized the security of users' funds but also disrupted the operations of this essential financial service. PayPal's response and the implication of such a breach could lead to increased scrutiny of online payment systems and a demand for enhanced security protocols to protect user information and finances.