Coinmama Suffers Major Data Breach

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According to a recent report, Coinmama, a crypto exchange which is based in Israel has experienced a massive data breach which has affected about 450,000 of its clients as their emails and hashed passwords were breached.

Coinmama Breached

The exchange faced a breach in its security yesterday. Although the company instantly brought this to the notice of its clients, it’s trading platform was negatively affected.

Also, the announcement which was released by the exchange made it known that almost 450,000 email addresses and passwords which belong to its users were leaked from the trading platform.

This is not the first time this type of attack will be reported. Recently, 24 other exchanges have reported a similar incident. These incidents have leaked about 747 million records from streaming, gaming sites, and travel booking. The attack has also led to these users’ data getting posted on a dark web registry.

Importantly, Coinmama informed it’s clients immediately the incident occurred and also of the measures it is taking.

Security measures that were taken includes:

*.Notifying users that were affected by this breach with steps to safeguard their accounts and protect their data
*.Requiring users who are possibly affected to reset their password upon next login and urging all other users to verify that their passwords are unique and strong

*.Monitoring our systems for suspicious activity

*.Adding continuous enhancements to our systems to detect and prevent unauthorized access to user information

*.Monitoring for any external indication that the compromised data is being used, and keeping our customers notified

No Hacking of Cryptocurrencies

Further investigations have revealed that no cryptocurrencies were hacked from the client’s wallet, only user data was lost. However, the exchange is reaching out to clients that got affected in the hack to reset the passwords to their Coinmama account to a unique, robust, and strong one.

Also, the company is tracking any external signals that would affect its data. Coinmama is the second crypto exchange to get breached in 2019.

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