Hackers have gotten more than 5,000 email addresses from Coinsquare’s database and they intend to use them for SIM swapping attacks.

In excess of 5,000 emails, locations and telephone numbers have been hacked from Canada-based cryptocurrency exchange, Coinsquare.

Presently, the hackers are allegedly planning to use the data to perform SIM swapping attacks.

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One of the hacker told VICE Motherboard on 2nd June, that they initially planned to sell the data. However acknowledged they could “make more money by SIM swapping the accounts.”

Coinsquare’s CEO Cole Diamond told to Cointelegraph the theft was from a third party and not simply the exchange. “Coinsquare’s frameworks have never been breached,” he said. As they stated to VICE, this was an employee theft of information from a third party CRM system. It occurred around year and a half prior. So “hackers” didn’t take anything. There is no hacker.” While hackers might not have taken the data, they allegedly have it now.

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How Sim Swapping Usually Works

SIM swapping comprises of a hacker hijacking the targets cell phone number, enabling them to receive password resets for any site where the victims’ phone is used for two-factor confirmation.

VICE Motherboard states that the data acquired includes phone numbers, and physical addresses. It additionally remembers data for how much every user stored in their record in the first half year.


The hack occurred by an employee’s theft of data

Stacey Hoisak, general guidance for Coinsquare, gave more details on the attacked on VICE Motherboard, expressing that it happened in 2019. He said:

“The data was obtained as the result of employee theft of information contained within a client relationship database used for prospecting.”