IIROC-registered Canadian crypto exchange Coinsquare suffers data breach

On Nov. 19, Coinsquare had to temporarily shut down operations to investigate an unusual activity on its platform.

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

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

We will be re-enabling crypto deposits shortly after the maintenance window with crypto withdrawals to follow shortly after.

— Coinsquare (@Coinsquare) November 22, 2022

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

The leaked database included users’ personal information, such as names, email addresses, residential addresses, phone numbers, dates of birth, device IDs, public wallet addresses, 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, secure in cold storage and are not at risk.”

While the exchange has not detected any bad actors from accessing the breached information, the official communication cautions 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.

Related: Coinsquare becomes first Canadian crypto exchange to receive IIROC registration

Canadian crypto exchange Bitvo was able to back off its acquisition agreement with FTX thanks to the deal’s long approval process by local regulators.

The firm emphasized that its operations have not been affected, as Bitvo has no material exposure to FTX or any of its affiliated entities.