IIROC-Registered Canadian Cryptocurrency Exchange Coinsquare Suffers Data Breach

On November 19, Coinsquare had to temporarily halt operations to investigate unusual activity on its platform.

Just one month after becoming the first Canadian crypto-trading platform to be registered with the Investment Industry Regulatory Organization of Canada (IIROC), Coinsquare suffered a data breach that compromised the personal information of users.

On November 19, Coinsquare had to temporarily halt operations to investigate unusual activity on its platform. However, several days of proactive measures allowed Coinsquare to gradually resume operations.

We will reactivate crypto deposits shortly after the maintenance window and crypto withdrawals will follow shortly after.

In a follow-up email to investors, Coinsquare admitted that their customer database containing personal information was exposed during the incident, which was most likely accessed by a third party.

The leaked database included users' personal information, such as names, email addresses, residential addresses, phone numbers, birth dates, device IDs, wallet addresses public, transaction history and account balances. Coinsquare further confirmed that no passwords were exposed, adding that:

"We note that your assets have always been and remain safe in cold storage and are not at risk."

Although the exchange has not detected any malicious actors with access to the hacked information, the official communication warns users to change their passwords, enable 2-factor authentication (2FA) and use different credentials for different platforms.

Coinsquare has not yet responded to Cointelegraph's request for comment.

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