Coinmama suffered data breach, 450,000 users data are compromised

16 Feb, 2019 | Updated: 16 Feb, 2019
by Fifi Arisandi
Coinmama suffered data breach, 450,000 users data are compromised

Crypto exchange Coinmama suffered from a security breach that affected 450,000 users. 

Israel-based crypto exchange, Coinmama just finds out a security breach to their user data. According to the official announcement, the breach happened in August 2017 and is said to be part of a larger scheme that has affected 24 companies and a total of 747 million user records.

As many as 450,000 users data are compromised, including their emails and hashed passwords. The Coinmama team ensures that no credit card details were included as the platform doesn’t store the users’ credit card details.

On the stolen passwords, they stated that the perpetrators don’t actually have the “actual password” since Coinmama only stores the encrypted form of the passwords.

Although, the affected users are those who signed up before August 5th, 2017, the team encourages all users to take the initiative of safeguarding their personal data.

Following the findings on February 15th, Coinmama immediately informs all the affected users to reset the password immediately, while for the other possibly unaffected users, they’re advised to ensure that their passwords are unique and strong.

They also warn the users of any “unexpected communication that asks for your personal data or directs you to a website asking for your personal data” as well as to avoid clicking links or downloading attachments from suspicious email.

The team claims to have started working with cybersecurity firms to investigate the breach and monitor closely for any indications if the data is being used externally, although as of announcing time, no evidence of such thing has been found. 

Lastly, they are convinced that the other Coinmama's systems are not compromised, given the "dated nature of the published data".

The news added to the long list of security breach that has been experienced by crypto exchanges worldwide, with the most recent came from New Zealand, the Cryptopia saga.  

Read more: The Cryptopia Hack Timeline: as it happened

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