Hackers Threaten to Use Stolen Data from Coinsquare for SIM Swapping

Hackers Threaten to Use Stolen Data from Coinsquare for SIM Swapping 101 Source: Adobe/naraz.

More than 5,000 e-mail addresses and other individual information acquired from Canadian crypto exchange Coinsquare might be utilized in SIM swapping attacks.

Hackers got their hands on individual data on users from Coinsquare’s database, and Vice’s Motherboard points out one of the hackers stating that “the original intent was to offer it [the data] however we figured we would make more money by SIM swapping the accounts.” These attacks consist of collecting individual information on a victim in a range of methods, calling the victim’s mobile phone company, using the gotten data to encourage the business to port the victim’s contact number to the opponent’s SIM, and hence taking over all messages and voice calls, consisting of the one- time passwords. It’s not unusual for one or more of these steps to be a within task.

This hacker sent out a version of the data stolen from Coinsquare to Motherboard, the post claims, which does not appear to consist of passwords, however does come with more than 5,000 rows of users’ e-mail addresses, telephone number, some physical addresses too, in addition to a column entitled “total $ funded first 6 months,” which Vice thinks might represent the amount in dollars took into a user’s Coinsquare account in that duration, and if Coinsquare marks the user as a “high value client.”

Motherboard then continued to validate the data: using random e-mail addresses from the list they attempted making Coinsquare accounts and they weren’t able to, recommending the e-mail is in use already, and they also got in touch with a number of people, with 3 validating they are Coinsquare users, while 2 verified their telephone number.

According to numerous Reddit posts, it would appear that the breach happened in some cases in 2019, though a Twitter account ‘Coinsquare Breach’ recommends that it was a year previously, in2018 What they all have in common is the allegation against the exchange of not exposing the leak to the consumers and thepublic


Coinsquare was hacked over a year back and their DB wasalso They never ever revealed it openly @cz_binance

— Coinsquare Breach (@COINSQUAREHACK) April 29,2019

On the other hand, Vice priced quote Stacey Hoisak, Coinsquare’s general counsel, as stating that the data “was as obtained as the result of employee theft of information contained within a client relationship database used for prospecting.” She stated that the exchange realised of it a year back, which they alerted the impacted users, in addition to police and data protection authorities. They also changed internal sales management systems, re-written data management policy, and updated its internal controls, Hoisak stated.

She also “suggested the company was not originally aware of the full extent of the breach,” and after “Motherboard provided a limited set of screenshots of the data to Coinsquare so they could provide an informed statement, Hoisak characterized some of the information as ” extra User names.”

“Custodial privacy is dangerous,” commented Bitcoin business owner Matt Odell. “The marketing departments of bitcoin related services should not have access to intimate customer details.”

More notably, staff members should not access delicate user data as quickly.

“Coinsquare said the data came not from a hack of its systems, but rather a now former employee stole the information.”

— ¥ ves ฿ ennaïm (@ZLOK) June 2,2020

The hackers also verified to Motherboard what numerous of the users hypothesized in Reddit posts, that they “set out to humiliate the business for declaring they [were] the most safe Canadian exchange and clearly that is a lie.”

We got in touch with Coinsquare for comment and will update should they reply.

Learn more:
5 Ways to Reduce Threats for Consumers in Case Bitcoin Exchange Stops Working
Crypto Scientist Alerts Of a Growing ‘Existential’ Risk To Bitcoin

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