Myspace is used to be one of the most popular social media platforms in the mid-2000's. Some might have had an encounter using the site like how they use Friendster and the all-new and interactive, Facebook. However, a report just came in that the almost-defunct website was hacked.

Believe it or not, the "less-visited" website has been relaunched and passed to a new owner, noted Tech Crunch. Time Inc. acquired the website but the data stored even in the last decade were, unfortunately, still vulnerable to cybercrime attacks like this.

The company confirmed just ahead of the Memorial Day event that the cyber thieves were able to gather username and passwords and currently trading it on hacker forums. Despite the added security after it was acquired in 2011, Leaked Source noted that 360 million accounts could be in the hackers' hands.

Worse, if there are secondary passwords involved, the number of account with passwords that were stolen might be about 427 million. The notable size of data captured could make it one of the largest data breach incident in history, as per Sophos researchers.

Those who are not so active users, or those who have not used the website even for years may still be affected. There is a possibility that users are encoding the same password to other accounts and for that, the hackers might be able to crack their active online accounts by using the same password.

On the other hand, Myspace blog allegedly confirmed that the culprit is a Russian hacker, who is hiding under the pseudonym "Peace."

The website immediately notified the users and quickly invalidated the password of the highly-suspected involved accounts. Time Inc. also launched an automated tool that can detect and block suspicious events happening within the site.

Myspace CFO Jeff Bairstow stated that they are taking the matter very seriously. "Our information security and privacy teams are doing everything we can to support the Myspace team."

Story developing.