Crypto Security Breach | Jan 2, 2023
Image: Unsplash/Arif RiyantoCanadian crypto trading platform Catalyx announces a significant security breach
CatalX CTS Ltd., the Calgary-based operator of the Canadian crypto trading platform Catalyx, has officially acknowledged a significant security breach. In a statement released on December 28, 2023, the company disclosed that the breach resulted in the loss of a portion of the crypto assets held on behalf of its clients. This alarming revelation has intensified concerns over the safety of digital assets on crypto exchanges.
Insider Suspected
Adding a layer of complexity to the situation, the company suspects that an employee might be involved in this breach. This suspicion has led to a heightened scrutiny of internal security measures and employee access to sensitive information.
See: Security advice for emerging tech companies and investors
In response to this incident, the Alberta Securities Commission issued a cease trade order on December 21, 2023, against CatalX CTS Ltd. and its CEO, Jae Ho Lee, as part of the ongoing investigation.
Company’s Response and Investigation
Catalyx has taken immediate action by suspending all crypto and fiat currency withdrawals, along with halting all trading activities on the platform. Recognizing the gravity of the situation, the company has engaged Deloitte LLP to conduct a thorough forensic and investigative analysis.
See: Blakes: Cybersecurity Trends in Canada: A 2023 Perspective
As the investigation continues, Catalyx has promised to keep its customers informed and to provide further updates. It is a call to action for all stakeholders in the crypto industry to prioritize security and transparency to protect users’ assets and maintain trust in this evolving digital economy.
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- Source: https://ncfacanada.org/canadian-crypto-exchange-catalyx-announces-security-breach/
