The Incident That Shook Coinsquare
Only a month after proudly flaunting its registration by the Investment Industry Regulatory Organization of Canada (IIROC), Coinsquare found itself in hot water with a significant data breach. On November 19, 2022, the company was forced to hit the brakes on operations due to unusual activity detected on its platform. Perhaps it was the universe’s way of reminding them to double-check their cybersecurity policies!
What Happened During the Breach?
Coinsquare’s emergency maintenance didn’t last forever. After a few days, and some likely nail-biting moments, they announced that they would gradually resume operations, including crypto deposits and withdrawals. Talk about a rollercoaster! However, the real drama unfolded when they sent out an email revealing that a treasure trove of personal data had been exposed, probably accessed by some nefarious third-party actor.
What Information Was Compromised?
The breach reportedly unveiled a veritable cocktail of user data:
- Names
- Email addresses
- Residential addresses
- Phone numbers
- Dates of birth
- Device IDs
- Public wallet addresses
- Transaction history
- Account balances
Fortunately, Coinsquare reassured their customers that no passwords were involved in this debacle—and thank goodness for that! In their own words, “your assets have always been, and remain, secure in cold storage and are not at risk.” Sounds like a sigh of relief for some, but caution is still advised!
How Should Users Respond?
In the aftermath of the breach, Coinsquare recommended a few best practices that we should all heed—like a conscientious friend who kindly reminds you not to wear white after Labor Day:
- Change your passwords!
- Enable 2-Factor Authentication (2FA)!
- Use different credentials for different platforms!
Seriously, though, we’re living in times when it’s crucial to take your online security seriously. Better safe than sorry, right?
A Bit of Good News for Bitvo
On the bright side of the crypto news cycle, Bitvo pulled off a neat escape from its ill-fated acquisition agreement with FTX. Thanks to the lengthy approval process by local regulators, they managed to dodge the bullet and confirmed that their operations remain unaffected. The moral of the story? Sometimes red tape is your best friend!
