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21st March 2019
05:34pm GMT

They said:
"As part of a routine security review in January, we found that some user passwords were being stored in a readable format within our internal data storage systems.
"We have fixed these issues and as a precaution we will be notifying everyone whose passwords we have found were stored in this way.
To be clear, these passwords were never visible to anyone outside of Facebook and we have found no evidence to date that anyone internally abused or improperly accessed them. We estimate that we will notify hundreds of millions of Facebook Lite users, tens of millions of other Facebook users, and tens of thousands of Instagram users."
They also said that there is "nothing more important to us than protecting people’s information, and we will continue making improvements as part of our ongoing security efforts at Facebook."
Facebook have notified any user whose password was included in the readable format.
You can find the company's full statement here.