Coinsquare, which is one of the largest cryptocurrency exchanges in Canada, had recently reported that its exchange had experienced a data breach. The business, on the other hand, has assuaged the concerns of its clients by assuring them that their assets are “secure in cold storage and are not at risk of any manipulation by the hackers.” and are not at danger of being manipulated in any way by cybercriminals.
Although this piece of news can cause some cryptocurrency fans and investors to feel uneasy, it is essential to keep in mind that data breaches are a very typical occurrence in the digital currency field. Coinsquare states that the predicament is not observed “by the bad actor” and that the platform has put in place precautions to avoid anything similar from occurring again in the future.
Coinsquare considers itself to be the most reliable cryptocurrency exchange platform in Canada. It provides a safe environment for buying and selling cryptocurrencies, as well as for trading Bitcoin and a wide variety of other cryptocurrencies. It is also stated that the exchange had prior knowledge of the incident and had alerted its consumers through Twitter earlier in the previous week.
Customers received an email from Coinsquare informing them of a “data issue” in which an unauthorized third party had acquired access to their accounts. The email highlighted various information on customers, including their names, residence addresses, phone numbers, email addresses, transaction histories, account balances, device IDs, and public wallet addresses, among other details.
“No passwords were exposed. We have no evidence that any of this information was viewed by the bad actor,” The email read.
However, after identifying the problem, the exchange has initiated any ongoing activities. The problem was almost certainly brought on by liquidity concerns on the part of the exchange.
“We want to reiterate that 100% of the client funds are safely held in cold storage and are used for business activities,” the company said in a tweet.
Compiled by Coinbold