GCash User Data Allegedly for Sale on Dark Web Amid Double Unicorn's IPO Hopes

GCash, the Philippines' dominant fintech platform and celebrated 'double unicorn', is barrelling towards one of the market's most anticipated initial public offerings (IPO). But a dark shadow now looms over its ambitions: a massive cache of alleged user data has surfaced for sale on a dark web forum.

A user named 'Oversleep8351' posted the listing, claiming to possess records spanning from 2019 to October 2025. The data allegedly includes sensitive eKYC (Know Your Customer) information, linked bank accounts, and GCash numbers.

The seller claims the data dump affects both merchant and basic users, exposing personal details like names, addresses, employment history, and even valid Philippine IDs. The entire database, purportedly containing 7–8 million users, is offered in bundles priced up to £20,800 ($25,000), payable only in the privacy-focused cryptocurrency Monero (XMR).

According to the post, the data is 'unorganized', meaning buyers must sort it manually. The seller also specified they would only transact with 'existing buyers' from previous dark web deals. If confirmed, this would represent one of the most significant data leaks from a Philippine fintech company to date.

Alleged Data Leak Casts Shadow Over 'Game-Changer' IPO

This alleged security breach comes at the worst possible time for the digital wallet provider. The much-awaited GCash IPO is widely seen by analysts as a pivotal event for the Philippine startup community.

'We need to be able to encourage founders and investors that there is an exit potential, that their investment of their time or capital in that startup can lead to an outcome that's great for everyone', Paulo Campos III, a founding managing general partner at Kaya Founders, told BusinessWorld.

The e-wallet platform is targeting a staggering £6.67 billion ($8 billion) valuation when it goes public. Its parent company, Globe Fintech Innovations, Inc. (Mynt), is the first and only company in the Philippines to achieve 'double-unicorn status'. Mynt secured this title after raising £250 million ($300 million) in a 2021 funding round, which boosted its valuation to over £1.67 billion ($2 billion).

A Successful IPO Could Make The Philippines A Global Tech Hub

Rene Cuartero, founder and CEO at venture capital firm AHG Lab, called the GCash IPO a potential 'game-changer' for the nation's expanding startup ecosystem.

'The IPO will show proof of a pathway for a lot of our startups in the Philippines towards listing in the market', he said. 'It will also be an excellent test case on what regulations might need to be adjusted in order to accommodate large and smaller tech companies that want to [list]'.

This IPO readiness aligns with the typical 10-year journey for a startup. Since its launch in 2004, GCash has accumulated over 94 million registered users, with its popularity exploding during the digital payment adoption boom of the pandemic. Its services are now available in 16 markets, including the US, UK, Australia, and Japan.

Oscar Enrico A. Reyes, Jr., president and CEO at G-Xchange, Inc., which operates GCash, stressed the IPO's national importance. 'It's very important that it becomes a successful IPO', he stated. 'And if that happens, the whole investment community starts seeing the Philippines as a potential tech hub'.

'This is something that's homegrown, and if we can be one of the biggest and most successful kind of startup that is publicly [listed,] then hopefully it encourages more investors to look for other opportunities here in the Philippines', he added.