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Canada’s first IIROC-regulated cryptocurrency marketplace, Coinsquare, recently said that the client data is breached and claimed the breached personal data was not likely seen “by the bad actor” and also added that the customers’ assets are “secure in cold storage and are not at risk.”
Here, the term data breach can be understood as a security violation, in which sensitive, protected or confidential data is copied, transmitted, viewed, stolen or used by an individual unauthorized to do so.
Meanwhile, Coinsquare which called itself as a ‘trusted crypto platform that provides trading security,’ sent personal emails to its customers on November 26, 2022, to report a “data incident” in which an unauthorized third party accessed a customer database including the personal details.
The Email
The sent email stated that the breach exposed “customer names, email addresses, residential addresses, phone numbers, dates of birth, device IDs, public wallet addresses, transaction history, and account balances.” “No passwords were exposed. We have no evidence any of this information was viewed by the bad actor,” as mentioned in the email.
It must be noted that the email was sent on November 26, 2022, while the exchange found out about the breach in the previous week and then notified its customers via Twitter.
The exchange suspended the activities on its platform after detecting the vulnerability in the previous week, triggering speculation of possible liquidity issues. And then yesterday, restored full service.
Through a tweet the exchange stated “We want to reiterate that 100% of client funds are safely held in cold storage and are not used for business activities.”
Recent Twitter Updates
Coinsquare updated that the outrage currently impacting the system is not related to liquidity issues. Once the exchange backup, users are free to withdraw of their own volition. The exchange does not hold user deposits as a means of generating revenue, and holds assets 1:1 with client liability in cold storage.
Coinsquare also shared a tweet in which it added about its cold wallet at Nansen portfolio where one can track all their DeFi holdings.
Coinsquare also updated that the crypto withdrawals are currently under maintenance. But the trades and fiat withdrawals are not restricted.
However, the exchange is actively making the response over the tweets by its users and working in providing the support.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
