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CoinMarketCap hack leaves 3.1 million email addresses compromised

CoinMarketCap

TL: DR Breakdown

  • A recent hack on the crypto tracking service, CoinMarketCap, leaves 3.1 million users’ email addresses exposed. 
  • CoinMarketCap announced that the breach did not come from its servers. It continues to encourage users to employ reasonable cybersecurity measures.

A report from Have I Been Pwned on October 23 revealed a CoinMarketCap hack that happened earlier in the month. According to the website, 3.1 million addresses of CoinMarketCap users were on trade-in wanting hacking platforms. The website dates the hack back to October 12, with involved parties and the hacking method used still unknown. 

CoinMarketCap is the leading crypto price tracker, recently purchased by Binance exchange for $400 million. Currently, it is displaying over 12,600 cryptocurrencies in the market and still growing. Additionally, it indicates their trading volumes, value rise or drop, significant graphs, a detailed history of the coins’ prices, to mention but a few. CoinGecko is its ultimate competitor, standing as an alternative for the platform.

So far, this is the first known hack on the crypto tracking platform, which begs the question of whether it is safe or not. However, CoinMarketCap has maintained a clean track record since its inception in 2013, ranking this as a glitch. Arguably, the platform is secure considering the absence of any trading activity or coin storage options.

CoinMarketCap addresses the issue

It is yet unknown the primary motive of the hackers and their need for the 3,117.548 email addresses. The platform, however reluctant to talk about the hack, expressed its awareness of the breach. 

Furthermore, it assured its esteemed users that the hack did not originate from their servers. In its opinion, the hackers may have acquired the addresses from another platform and compared them to those of its users. Furthermore, it stated that this result could be due to users reusing passwords on different sites. 

CoinMarketCap also expressed their regret and vigilance in the ongoing issue, explaining that investigations were already underway. Additionally, it ran a detailed security audit to ensure that all the information it provides would be truthful to maintain trust with its users. 

The CoinMarketCap spokesman rounded up the report by urging users to exercise viable cybersecurity measures to avoid future breaches; that includes having a solid and unpredictable password for every platform they use. 

It is not the only platform

Have I Been Pwned is a platform dedicated to tracking cybersecurity issues. It helps users to find out if hackers have compromised their data. The website allows you to input your email address or phone number using an international format to get more details. Furthermore, it has a password-generating feature to help you develop the best possible passwords for your accounts. 

Since its launch in 2013, there have been over 500 websites, which suffered a breach. Additionally, over 11.5 billion users globally have their data pwned and pasted. This information stands as an indicator of the rising cybersecurity issue despite advances in technology.

Recently, Coinbase also suffered a hack leading to over 6,000 accounts falling victim. 

The cyber-attackers breached its multi-factor authentication system to steal user assets. The platform is yet to release information on how much the lost assets total. 

This incident is among the many that crypto users suffer in the current digital world. However, the big question is whether platforms can find better ways to protect user identities, personal data, and investments at large. 

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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