Catalyx Platform Encountered Problems due to Security Holes

The Catalyx exchange encountered a problem due to a security vulnerability, which resulted in the loss of a number of customers' assets when stored on the floor.

Catalyx Platform Encountered Problems Due To Security Holes_65b97dd9e8534.webp

Catalyx platform encountered problems due to security holes

Catalyx, the company behind the Canadian cryptocurrency exchange, has just announced a freeze on all trading activities along with deposit and withdrawal features due to the discovery of a security vulnerability earlier this month.

catalyx platform encountered problems due to security holes 65b97dd9eae14

After a preliminary investigation, Catalyx discovered that this incident was related to an employee of the company, however, there is still no specific information about the extent of damage or the amount of money lost by customers row.

Last week, local authorities ordered Catalyx to suspend all cryptocurrency trading to support an independent investigation into the company. CEO Jae Ho Lee immediately complied with a 15-day freeze from the Alberta Securities Commission until January 5, 2024.

During this period, global financial auditing firm Deloitte LLP will assist Catalyx in evaluating and investigating the incident.

Related: Thunder Terminal Hacked – Attacker Provocative

Catalyx, headquartered in Calgary and founded in 2018 under the leadership of CEO Jae Ho Lee, is registered with Canada’s national financial intelligence agency FINTRAC.

During its peak in May 2021, Catalyx boasted a monthly trading volume of 28 million USD, marking a significant growth of 73% compared to the previous month.

5.0/5

(100 votes)

Latest

Azcnews Jpmorgan's Bold Prediction For Solana And Xrp Etfs

News | Altcoin | Editor Choice | Policy & Regulations

JPMorgan’s Bold Prediction for Solana and XRP ETFs

JPMorgan predicts $3 billion to $8 billion in inflows into Solana and XRP ETFs if Trump administration approves.

How Do Countries Around The World Tax Cryptocurrency

News | Editor Choice

How Do Countries Around the World Tax Cryptocurrency?

The cryptocurrency market is one of the sectors that faces heavy taxation from various countries, but there are also some "friendly" nations that offer a more welcoming environment for crypto activities.

Azcnews Move Token Plummets Despite Raising $100 Millio

News | Altcoin | Editor Choice | Memecoin

MOVE Token Plummets Despite Raising $100 Million

MOVE has fallen about 11% in the past 24 hours, extending its correction to 26% over the past 7 days.

Tether Announces Relocation To El Salvador

News | Editor Choice

Tether Announces Relocation to El Salvador

The world's largest stablecoin provider, Tether, has decided to relocate its headquarters to Bitcoin-friendly El Salvador.

Azcnews Bitcoin Plunges To $89k Before Rapid Recovery

News | Bitcoin | Editor Choice

Bitcoin Plunges to $89K Before Rapid Recovery

Bitcoin has been volatile over the past 24 hours, falling as low as $89,300 before quickly recovering to its current price.