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Canadian Crypto Exchange Halt Services Following Breach- Report

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Canadian Crypto Exchange Halt Services Following Breach- Report
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Catalyx, a popular centralized Canadian crypto exchange, has temporarily halted its trading services, including withdrawal services, due to a security breach, per the Financial Transaction and Report Analysis Centre (FINTRAC) Canada reports. 

The crypto firm mentioned in its December 28, 2023, report that its experts had discovered a security breach on the platform. The motive behind ceasing operations is to avoid unwanted losses due to the threat. 

Catalyx has informed its users to stay safe and report technical glitches to the team to avoid losses in their holdings. 

Though the precise amount of damages has not been revealed, the exchange stated that it thinks this intrusion has led to the loss of some of the cryptocurrency assets stored on behalf of its clients.

According to the platform’s news statement, “Management suspects that this security breach, which may involve an employee, has resulted in the loss of a portion of the crypto assets held by the Company on behalf of its clients.” 

The Alberta Securities Commission announced the confidentiality of accepted evidence by the December 21, 2023, temporary halt order.

The order was issued under sections 33 and 198 of the Securities Act (Alberta) and demanded a 15-day halt to the respondents’ trading and acquisition of any securities or derivatives. 

If not renewed by the Commission, the order will expire on January 5, 2024. While the crypto exchange has suspended all trading and withdrawals, Deloitte is auditing it. Crypto hacks are becoming increasingly widespread, and from the perspective of evil actors, it is one of the most popular methods to become wealthy quickly. 

Crypto Hacks 2023

According to De.FI, the web3 security business that manages the REKT database, hackers stole about $2 Billion in cryptocurrency this year, spanning dozens of intrusions and robberies.

The site lists the worst-ever crypto breaches, ranging from violating the Ronin network in 2022, in which hackers took over $600 Million. 

The crypto exchange CoinEx hot wallet was stolen from over 211 chains on September 12 due to a private key hack, with total losses surpassing $70 Million. 

Hackers breached CoinsPaid, a cryptocurrency payment network, and stole $37.3 Million in assets. 

Certik, a crypto security and auditing company, published a study on crypto vulnerabilities, frauds, and hacks on April 30, 2023, showing the total cash lost in April, which was $103.7 Million. 

The DeFi sector saw 29 attacks, accounting for 67.4% of all instances. Among project kinds, public chains experienced the most losses. 

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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