Crypto Exchange Coinsquare Hit With User Data Breach

Crypto Exchange Coinsquare Hit With User Data Breach
  • Coinsquare suspended all platform activity on November 19 due to suspicious user behavior.
  • After taking preventative precautions over the course of a few days operations were restored.

User’s private information was hacked only one month after Coinsquare became the first Canadian cryptocurrency trading platform to be approved by the Investment Industry Regulatory Organization of Canada (IIROC).

The money investors have on Coinsquare are protected by the Canadian Investment Protection Fund. In the case of the exchange’s collapse. And the exchange is obligated to disclose its financial health on a regular basis. Following its somewhat strict procedure of licensing virtual asset providers. The nation is ahead of the United States in its exploration of crypto exchange-traded funds (ETFs), pension fund investments, and central bank digital currency (CBDC) initiatives.

Client Database Compromised

Coinsquare suspended all platform activity on November 19 as it looked into certain suspicious user behavior. However, after taking preventative precautions over the course of a few days, Coinsquare was able to gradually restore operations.

Furthermore, Coinsquare confirmed in a follow-up email to its investors that a third party had accessed their client database including personal information.

The trading platform stated:

“We will be re-enabling crypto deposits shortly after the maintenance window with crypto withdrawals to follow shortly after.”

User names, email addresses, physical addresses, phone numbers, birth dates, unique device identifiers, public wallet addresses, transaction histories, and account balances were among the exposed data. Additional confirmation that no credentials were leaked was provided by Coinsquare.

Moreover, the official letter advises users to change their passwords. Activate 2-factor authentication (2FA), and use separate credentials for other sites. Even if the exchange has not discovered any malicious actors accessing the leaked information.

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A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.