Crypto brokerage Coinmama hit by data breach affecting 450,000 users

• The breach occurred in August 2017.
• The data compromised in the breach includes email addresses and hashed passwords of customers.

Israel-based crypto brokerage Coinmama has suffered a massive data breach resulting in the compromise of data of 450,000 users. The data breach is reportedly a part of the massive breach where hackers stole a total of 747 million records from 24 different companies.

About the breach

According to the official announcement, the breach occurred in August 2017. The data compromised in the breach includes email addresses and hashed passwords of customers. However, the firm has assured that no credit card details were breached in the incident as it does not store any such information on the platform.

The users who signed up before August 5, 2017, are primarily affected by the breach.

Workarounds

Following the findings on February 15, the firm immediately informed all the affected users. It has also reset the passwords of users as a part of its precautionary measures. The users who are possibly not affected in the breach, are advised to use strong and unique passwords.

“As soon as we became aware of the incident, we immediately established an Incident Response Team to identify the nature and scope of the intrusion. We also took immediate action consulting with leading cybersecurity firms, and are taking steps to protect our customers,” the firm added.

The customers are also recommended to avoid clicking links or downloading attachments from suspicious emails.

The firm has started working with cybersecurity firm to investigate the matter. It is understanding the extent of the breach. As per its latest analysis, it has confirmed that ‘there has been no evidence of this data being used by perpetrators.’

In the wake of the incident, Coinmama is monitoring its systems for any suspicious activity. In addition, it is also reviewing for any external indication that would have resulted in the compromise of the data.