coincorner

CoinCorner updates security in light of recent attempted exchange hacks

Isle of Man based bitcoin exchange CoinCorner has updated their website security in light of the recent attempted bitcoin exchange hacks that were discovered over the past few days. In speaking with CoinCorner, the updates are a preventative measure to add extra security to their platform.

Over the weekend we wrote about how a four year old LinkedIn data breach is causing problems for bitcoin exchanges, where users are being targeted and in some cases it appears that attempts to maliciously withdraw funds from exchange user accounts were made.

After learning of the news, CoinCorner immediately made changes and upgrades to the security on their website and issued an email and blog post notifying users of the changes. In the update, CoinCorner says that all passwords have been reset and all users will need to change their passwords the next time they login.

Molly Spiers from CoinCorner told us,

“We share the same concerns as other companies mentioned in your article re: LinkedIn data breach, as such we feel we have a responsibility to our users to do everything we can to ensure the integrity of their account. Therefore we have taken the decision to enforce password updates on all users – particularly to assist those clients who are not aware of the scale of the LinkedIn breach and the recent traffic targeted to bitcoin exchanges.”

As both CoinCorner and we have pointed out, it’s paramount that users practice better security behaviors. This means setting up two-factor authentication (2FA) on your bitcoin exchange and wallet accounts, your email, and any other important website that you log into with sensitive information and data about you.

In addition it’s important to not use reuse passwords and to use a different password for different websites, where the password is strong and contains letters, numbers, and symbols.

In May, CoinCorner announced that it had been awarded Designated Business status in the Isle of Man. CoinCorner also celebrated their second year anniversary on June 17, where they reported having 40,000 registered users and have processed $5.4 million in bitcoin trades.

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david@bitcoin.com'
David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.