Crypto-Tracker CoinMarketCap Experiences Major Breach of Data of More than 3 Million Users


Data Security

Data security continues to grab the headlines and one of the latest breaches involves the Crypto-Tracker company, CoinMarketCap. It has been reported that the data of more than three million users was leaked earlier this month. The platform has a huge number of users with more than 27 million visiting the platform to track and keep up to speed on cryptocurrency.

The crypto-community is constantly being targeted by cyber criminals and the number of attacks around the world is on the rise. While many countries around the world are still not completely convinced about the legalisation of cryptocurrencies, the world of crypto is evolving and advancing at a rapid rate around the world. 

3 Million Affected

This attack and breach of security resulted in the loss of over three million email addresses of users. The unlawfully obtained email addresses were then uploaded to hacking forums by cyber criminals on October 12 according to reports from CryptoPotato. As a result, the email addresses are now being traded on the dark web, proving how quickly the criminal world moves once an attack and breach of security has been achieved. 

CoinMarketCap has recognised that the data breach took place although the company has made it clear that it was just the email dresses that were leaked and not the passwords associated with them which means that the addresses remain safe. Furthermore, the company has also indicated that the leak did not come from their servers as reports suggest.

Subscriber Base

So, while the data lists that were obtained from CoinMarketCap are only email addresses with no passwords, there has been a correlation with the subscriber base. There has not been any evidence found to suggest that the data was leaked from their own servers. However, the company is continuing to investigate the issue and will provide its subscribers with an update as soon as any new information is discovered.

As it currently stands, it is still not known who carried out the attack on CoinMarketCap, however, with the release of this development has come a deluge of responses across social media with many people, some of which might be users and investors, claiming that they have been receiving security alerts for several days.

Data Storage Worries

Additionally, people have also queried whether CryptoMarketCap is storing their data elsewhere as the company has claimed that it did not come from their servers. This is not the first time that a company has experienced a serious data breach. In recent years, other crypto-related firms such as Ledger and BitMEX have also experienced similar breaches in security.

This year alone, it has been reported that 32 incidents of fraud and hacks have taken place in the crypto space during 23021. These attacks are believed to be worth almost $3 billion but the worrying thing is that these offences are now increasing by 41% each year.

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