CoinMarketCap Breach

CoinMarketCap is a popular price-tracking platform for crypto assets in the fast-growing cryptocurrency space. It was founded in May 2013 and has rapidly grown to be a trusted source for comparing numerous crypto assets. However, in April 2020, Binance Capital Management acquired CoinMarketCap, a global blockchain company. With this acquisition, CoinMarketCap tapped into its parent company's vast resources to provide its millions of users with higher-quality data. The company boasts an average user visitation rate of 270 million monthly globally, the majority of whom are from Japan, the United States, and India.

There was a data security breach on CoinMarketCap servers in October 2021, which exposed its users' email addresses. At least 3.1 million users' email addresses were reported to have been illegally accessed and uploaded to several hacking forums, where many parties on the dark web actively traded with them. However, CoinMarketCap denied the leak came from their servers, as no passwords were included in the data they saw. The company believed that the data seen on hacking forums were probably sourced from another forum where users may have reused passwords across multiple websites and made it appear like they were sourced from CoinMarketCap.

When Was the CoinMarketCap Data Breach?

The CoinMarketCap data security breach reportedly happened on October 12, 2021. Although the company denied the leaks came from its servers, it confirmed a correlation between the leaked data and its subscriber base. However, there were reports of some users who claimed never to have used their CoinMarketCap account passwords on any other site as the company claimed. Similarly, some affected customers said they were getting security alerts, which may indicate that passwords were also exposed in the breach. This may also mean they have already been tricked by phishing emails into parting with their CoinMarketCap account passwords.

How to Check If Your Data Was Breached

Reports from several quarters reveal that CoinMarketCap denied a data security breach in its server. However, you can check if your email address was exposed in the alleged breach using a trusted data leak checker site that allows individuals to search across multiple data breaches to determine if their email addresses have been compromised. The search result will clarify whether your email address appears on the Internet in connection with leaked data/breaches. Also, you will know if your data was breached if you start receiving phishing emails, especially spam from crypto scams, containing malicious links and attachments in large numbers. Generally, data breaches facilitate phishing attacks, the most common way that hackers access victims' sensitive information, networks, and systems.

What to Do If Your Data Was Breached

If you suspect your email was exposed in the CoinMarketCap data breach, make sure to change your account password. Also, implementing two-factor authentication (2FA) is strongly advised. Removing that email from other exchange accounts and replacing it with another is also a good idea. Never click on attachments or links contained in any email you suspect is malicious. If you did and it took you to a login page to enter any sensitive information or login data, do not engage.

Are There Any Lawsuits Because of the Data Breach?

No. As of June 2024, there have been no reports of lawsuits in connection with the CoinMarketCap data security breach of October 2021.

Can My CoinMarketCap Information Be Used for Identity Theft?

Yes. CoinMarketCap stores certain data belonging to millions of individuals who use its platform to obtain information and track the prices of crypto assets. So, it is expected that the company will also be a target for data breaches. Any data security breach targeted at CoinMarketCap is designed to steal consumers' information, which can be used for identity theft and other related fraudulent activities. 

What Can You Do to Protect Yourself Online?

Ensuring digital identity security is vital as the world continues to interconnect over the Internet. For instance, despite CoinMarketCap's commitment to protecting users on its platform and its use of reasonable security measures powered by current technology, the bad guys were still allegedly able to breach the company's database. The potential consequences of compromised digital information are severe, including financial losses, identity theft, reputational harm, and damaged credit scores. As a result, it becomes important to protect yourself online, and you can ensure this by doing the following:

• Opt in for text and email notifications on your credit card and bank accounts to be able to track every activity, including credits, transfers, and debits.
• Keep your internet access devices up to date by installing the security software and operating system.
• Set strong passwords with lengthy characters, including a mix of alphanumeric and special characters. It is advised to use a combination of lower and upper case letters.
• Avoid shopping online over public Wi-Fi, as you would likely be required to enter financial and personal information to conclude your purchase. Always use your home internet connection (secured with a password) for online shopping.
• Keep up on the latest cybersecurity threats and best security practices by educating yourself on websites like IDStrong.
• Before entering your personal or financial data, make sure the site is secure. The URL of any secure website will start with https, and a lock symbol will be displayed at the top of the browser.
• Consider using a credit monitoring and protection service. This will help monitor your credit file for any changes and alert you immediately if there are any.
• Consider using multi-factor authentication on your online accounts where possible.