What You Need To Know About The Data Breach Of Crypto Exchange Coinsquare
Coinsquare, a cryptocurrency exchange platform, has recently been the victim of a data breach attack.
This breach jeopardized and tampered with the platform’s user data.
Data Breach
The cryptocurrency platform, Coinsquare, suspended operations at the beginning of November with numerous security measures in place and has only recently resumed operations.
This platform recently experienced a security breach that compromised and tampered with user data. The firm informed investors about the breach via emails, revealing that customer’s data on the platform had been tampered with.
As a result of this breach, third parties could gain access to users’ personal information on the platform.
The data breached on the platform includes users’ personal information such as email addresses, public wallet addresses, names of investors, home addresses, dates of birth, transaction history.
The only saving grace of this breach was that no passwords were compromised. Coinsquare, on the other hand, stated that investors should not be concerned because all assets have been reserved in cold storage and have not been tampered with.
The firm also assures the public that no instances of tampering with the breached files have been discovered.
Users were instructed to change their passwords and perform 2FA authentication on their accounts.
They were also instructed to always alternate their information and not use the same information for more than one platform.
Coinsquare Comes Under Regulations
Coin square is recorded to be Canada’s longest running trading platform. It conducted a Canada IIROC registration, and with this regulatory status it became the first registered dealer in the marketplace.
This registration was aimed at ensuring compliance and commitment of firms with existing regulatory status and system in the country.
This regulation requires regular reports from the firm, the firm is mandated to make reports of its activities to maintain perfect standing and capital for liabilities.
Also, investors’ funds are under the protection of Canadian investment bodies in case of liquidation and events of bankruptcy.
Coin square spans across countries having a useebase of 500,000, it also has over 40 cryptocurrencies traded in its platform. It has also amassed a total of $5 billion in trading activities since its inception in 2014.
When it comes to regulations, Canada takes a different approach, requiring all exchanges and crypto firms to register for the IIROC, where their activities would then be managed and regulated by Canada Investment and regulatory bodies, as well as demanding that exchanges report on their activities to promote transparency and effective operation.
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