Coinsquare, one of the biggest cryptocurrency exchanges in Canada, recently announced a data breach in their exchange. The company, however gave reassurance to their customers that none should worry about their assets and that their assets are “secure in cold storage and are not at risk of any manipulation by the hackers.”
While this news may be concerning to many cryptocurrency enthusiasts and investors, it is important to note that data breaches are common in the digital currency space. Coinsquare states that the dilemma is not seen “by the bad actor” and that the platform has implemented measures to prevent this from happening again.
Coinsquare apprises itself as the most trusted crypto platform in Canada, which is secure for buying and selling, not forgetting carrying on trade on Bitcoin and many other alternative coins. It is also said the exchange was already aware of the act and had informed their customers earlier last week via Twitter.
Coinsquare emailed customers to report a “data incident” in which an unauthorized third party gained access to their accounts. The email stressed customer’s names, residential addresses, phone numbers, email addresses, transaction history, account balance, device IDs, public wallet addresses, and other information.
“No passwords were exposed. We have no evidence that any of this information was viewed by the bad actor,” The email read.
The exchange has however put up any ongoing activities after detecting the dilemma. The issue was most probably caused by liquidity issues on the exchange’s part.
“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.
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