Canadian Crypto Exchange Catalyx Stops Trading Services Following a Security Breach

Canadian trading platform Catalyx recently reported a security breach that led to massive cryptocurrency losses. There are speculations that one of the employees of the firm may have been involved in perpetrating the attack.

To minimize the losses, the trading platform has halted withdrawals and imposed a temporary ban on all trading activities. As per a new statement issued by the officials, the firm is investigating the matter and suspects that one of the employees of the firm may have been involved in the incident.

The company noted that the hack has led to the loss of cryptocurrencies that it was holding on behalf of its account holders. The statement from the trading platform was sent on 28th December. The firm has yet to reveal the total estimation of losses in the recent declaration.

However, the officials have continued to offer updates to the investors and account holders. Alberta Securities Commission ordered the platform to seize all trading activities on 21st December. The regulatory agency was investigating the trading platform for alleged security breach.

Catalyx Exchange Adds a Warning Banner on the Official Website

The Catalyx exchange has also added a warning banner on its official website dashboard. The updated front page of the site notified the users that the platform is currently suffering from technical difficulties. At the same time, the platform has also shared that it will alert the users regarding the restoration of normal services.

AI Trading Robot

The exchange platform is based in Calgary, Canada, and was founded in 2018 by Jan Ho Lee. Lee is also the CEO of the trading forum. The platform has acquired a license from the Financial Transactions and Report Analysis Center of Canada also called FINTRAC.

The trading platform generated $28 million in terms of monthly trading volume in May 2021. This revenue was a 73% increase in terms of the previous month in the same year as per a statement issued on 21st June. The data projections reveal that details regarding its reserves and trading volume is not listed on any cryptocurrency data aggregator.

The platform also reported various other trading metrics from the same duration such as 97% increase in revenue and 34% rise in transaction volume. At the same time, the mean daily active users also increased by 15%.

CEO of the firm noted that during the bear market investors were able to increase profitability by leveraging the high volatility. He further stated that Catalyx was able to not only survive but overcome the market downturn.  

Dfinity Founder Claims Blockchain Helps Combat Climate Change

Dominic Williams, founder and chief scientist at Dfinity recently noted that blockchain can help set up trustless infrastructure that reduces carbon emissions. He noted that the trustless nature of decentralized technology has the unique ability to assist in preserving the environment.

As per him, blockchains can aid the initiative by creating adding more efficiency and providing an alternative to traditional digital networks. He quoted the Voluntary Recycling Credit (VRC) initiative.

VRC is an incentives-based system that is used to counteract the address the issue of decomposing. The project was presented at the COP28 summit. As per Williams, it is based on ICP or Internet Computer Network. He further noted that VRC is on-chain and does not depend on traditional tech such as cloud storage. He also clarified that there are no backdoors or gatekeepers on the project.

Previous post Research Indicates XRP Defeats Cardano, BNB, and Solana in Liquidity Rating
Next post Nigeria’s Crypto Veto Prevented eNaira Adoption, Desipite Commanding Significant International Rating