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

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.

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.

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.

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