Coinsquare Hacked – Are Your Funds Safe?

Coinsquare suspended all platform activity during the last week as it looked into suspicious user behavior. After becoming the first Canadian cryptocurrency trading platform approved by the Investment Industry Regulatory Organization of Canada (IIROC), Coinsquare was the victim of a data hack less than a month later.

Coinsquare Suspicious Behavior

As of the 19th of November, Coinsquare was inaccessible while its administrators looked into any suspicious behavior. However, after taking preventative steps for several days, Coinsquare was able to gradually restore operations. Coinsquare acknowledged in a follow-up email to investors that a third party likely accessed their client database containing personal information during the event.

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

— Coinsquare (@Coinsquare) November 22, 2022

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. In addition, Coinsquare stated that no passwords were revealed:

“We note that your assets have always been, and remain, secure in cold storage and are not at risk.”

The official communication advises users to change their passwords, enable 2-factor authentication (2FA), and use different credentials for different platforms, even though the exchange has not detected any bad actors accessing the breached information.

“The Alberta Securities Commission is our principal regulator, and Bitvo and FTX were working with them to obtain the required approvals,” Draper said. #DigifinexAirdrop

— Prem Sagar (@PremSag24970777) November 21, 2022

The folks at Coinsquare have yet to get back to Cointelegraph about our inquiry. The lengthy approval process by local regulators allowed Canadian cryptocurrency exchange Bitvo to back out of its takeover agreement with FTX.

Bitvo has no material exposure to FTX or any of its connected firms, the company said; thus, its operations have had no impact.

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