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Bitcoin wallet CoinWallet shuts down after data breach

Wednesday 13 April 2016 10:55 CET | News

CoinWallet, an online Bitcoin and multicoin wallet service has announced the closure of its services.

The announcement cites a recent data breach that struck the wallet and Bitcoin services provider. Although the extent of the breach has not been determined, the incident led CoinWallet management to conclude that recovery and realigning costs would not be feasible, thereby announcing the closure of the service in its entirety.

No coins were lost as a result of the breach, thanks to a backup security infrastructure that ensured the system worked as it should. The vulnerability has since been patched, although the extent of the breach is still being determined by the wallet service.

Notably, the announcement urges users to change passwords on other websites and crypto-related domains, if a common username and password has been shared. Users’ passwords, while encrypted and salted for additional security on CoinWallet, can still be compromised.

For its part, London-based CoinWallet has reset all user passwords and deleted all issued API keys. 

CoinWallet users are advised to withdraw all their coins before May 1, 2016. Since coins were not affected by the breach, they are available for immediate withdrawal.


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Keywords: Bitcoin, mining, cryptocurrency, digital currency, online payments, online security, online transactions, CoinWallet, data breach
Categories: DeFi & Crypto & Web3
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DeFi & Crypto & Web3