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Major Crypto Brokerage Coinmama Reports 450,000 Users Affected by Data Breach

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Israel-based crypto brokerage Coinmama — which permits customers to buy Bitcoin (BTC) and Ethereum (ETH) the usage of a bank card — has suffered a big knowledge breach affecting 450,000 of its customers. The incident used to be disclosed in an reliable corporate announcement on Feb. 15.

The breach is reportedly a part of a mammoth, multi-platform hack that affected 24 firms and a complete of 747 million records — amongst them gaming, go back and forth reserving and streaming websites.

Coinmama says an inventory of round “450,000 email addresses and hashed passwords” of customers who registered on its platform sooner than Aug. 5, 2017 were posted on a gloomy internet registry:

“As of February 15, 2019, there has been no evidence of this data being used by perpetrators. Given the dated nature of the published data, we have no reason to suspect that any other Coinmama systems are compromised. Coinmama does not store credit card information.”

Aside from in an instant notifying customers, Coinmama says its reaction staff is requiring all probably affected customers to reset their passwords upon login, in addition to tracking its array of techniques for suspicious task or unauthorized get right of entry to. The platform says it’s running to give a boost to its safeguards and monitor any exterior alerts that the compromised knowledge is getting used.

Aside from new password necessities for doable sufferers of the hack, the website requests all customers to verify their passwords are powerful and distinctive, and to steer clear of opening emails or attachments from unknown senders, or offering any non-public knowledge to any 3rd celebration websites.

Although the knowledge breach impacted now not handiest Coinmama, however a gamut of businesses outdoor the crypto sector, the hack represents the second one high-profile gadget compromise within the business this 12 months.

On Jan. 15, tens of 1000’s of Ethereum (ETH) wallets hosted by means of New Zealand crypto alternate Cryptopia have been hacked, resulting in losses estimated to be value as much as $23 million — with the breach continuing for a few weeks after the incident’s detection.

A up to date record from New York-based blockchain intelligence company Chainalysis estimated that two — most likely nonetheless lively — arranged hacker teams have reportedly stolen $1 billion in cryptocurrency, accounting for almost all of budget misplaced in crypto-related scams.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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