Coinsquare confirms data breach

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Updated November 28, 2022 | Published November 28, 2022

2 mins read

Consumer funds have not been lost in the latest data breach impacting Coinsquare, according to the exchange.

One of Canada’s largest cryptocurrency exchanges Coinsquare has confirmed that its consumer data has been breached.

According to Coinsquare no consumer funds have been put at risk as the exchange is keeping all funds in cold storage and therefore out of bounds for hackers.

The exchange informed users about a “data incident” via email and said that an authorized third-party has been able to obtain information from the company’s database containing personal user information.

The breach is quite substantial, as it has exposed people’s full list of information which is needed for KYC and AML verifications and checks, including IDs, public wallet addresses, transaction history, account balances, dates of birth, device IDs, residential addresses, email addresses, and more.

“No passwords were exposed. We have no evidence any of this information was viewed by the bad actor”, Coinsquare said.

Coinsquare had to briefly suspend operations as it was dealing with the issue, raising concerns that it may follow a path similar to rival FTX which collapsed due to lack of liquidity and the alleged misuse of consumer funds by its former boss, Sam Bankman-Fried.

“We want to reiterate that 100% of client funds are safely held in cold storage and are not used for business activities”, the company said.

However, the issue remains that people’s personal data has been exposed, which could be the premise of further attacks against individuals, however unlikely.

Hackers usually go after people’s funds as moving data on the black market is usually much slower. Coinsquare has told consumers to change their passwords, enable two factor authorisation and make sure that they use different passwords across other platforms they may be registered at even though their password information should be safe.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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