Canada-based Coinsquare crypto exchange has witnessed a data breach. This has taken place only a month after it secured a prominent position. At that time, it turned into the initial crypto exchange being registered on the behalf of the Investment Industry Regulatory Organization of Canada (IIROC). In the breach, the personal information of the platform’s customers has been compromised.
Canadian Crypto Firm Coinsquare Declares Having Gone through a Data Breach
On the 19th of November, the crypto exchange momentarily terminated its operations for the investigation of some suspicious activity. Nonetheless, it has been successful in restarting its operations after some days of preventive moves. Coinsquare turned to its official Twitter account to share the news. It also sent a follow-up email informing the investors that the consumer database of the company got compromised and a 3rd-party has potentially accessed it.
The leaked database takes into account the personal information of the clients like name, residential addresses, email addresses, phone numbers, device IDs, dates of birth, addresses of their public wallets, account balances, as well as transaction history. However, it clarified that the assets of the users are safe in its cold storage without any risk. No malicious actors have been detected by the exchange in the respective event of an information breach.
But, the firm officially warns consumers to alter their passwords and utilize 2-Factor Authentication (2FA) along with using diverse credentials in the case of diverse platforms. Coinsquare advertises itself as a reliable entity operating in Canada. As per it, the consumers can safely purchase, trade, and sell the crypto assets such as Ethereum, Bitcoin, and so on.
Crypto Exchange Denies any Compromise on the User Passwords
Despite the firm’s acknowledgement of the data infringement, it refuted the idea of the passwords being compromised. It added that there has been no evidence that any malicious actor has viewed that information, as noted in its email to the consumers. The termination of the services by Coinsquare has been effective in spreading the speculation that the platform has been going through likely liquidity issues.
A possible cause at the back of these problems was the huge turmoil of FTX that took place formerly in November. Simultaneously, Bitvo (a crypto exchange based in Canada) successfully skipped its acquisition contract with FTX due to the lengthy approval procedure by native regulators. The company stressed that its activities have not experienced any impact.
