Canadian crypto exchange Coinsquare suffers data breach | The Financial Express

Canadian crypto exchange Coinsquare suffers data breach

Coinsquare acknowledged that the incident exposed their customer database, which most likely allowed third-party access.

Canadian crypto exchange Coinsquare suffers data breach
The company emphasised that because Bitvo has no material exposure to FTX or its affiliated entities, its operations have not been impacted.

Coinsquare experienced a data breach that exposed user information just one month after becoming the first Canadian cryptocurrency trading platform to be registered with the Investment Industry Regulatory Organisation of Canada (IIROC), as reported by Cointelegraph.

According to Cointelegraph, on November 19, Coinsquare had to temporarily halt operations in order to look into some strange activity on its system. Nevertheless, proactive measures taken over several days allowed Coinsquare to resume operations gradually.

In a follow-up email to investors, Coinsquare acknowledged that the incident exposed their customer database, which most likely allowed third-party access. The official communication warns users to change their passwords, enable 2-Factor Authentication (2FA), and use different credentials for different platforms, even though the exchange has not discovered any malicious actors gaining access to the breached information.

The lengthy approval process by local regulators allowed Canadian cryptocurrency exchange Bitvo to withdraw from its acquisition agreement with FTX, Cointelegraph further noted.

The company emphasised that because Bitvo has no material exposure to FTX or its affiliated entities, its operations have not been impacted.

(With insights from Cointelegraph)

Also Read: Are Cryptocurrencies ‘still’ a good investment idea

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First published on: 27-11-2022 at 12:34 IST