Calgary's CataX Halts Trading After Security Breach

Security Breach Leads to Trading Suspension

CataX CTS Ltd., a Calgary-based entity, recently announced the suspension of all trading and withdrawal activities on its cryptocurrency trading platform, Catalyx. This decision came in the wake of a security breach. The Alberta Securities Commission, on December 21, issued a cease trade order against CataX and its co-founder, Jae Ho Lee.

Investigation Underway Following Losses

Following the breach, which led to losses in some of Catalyx's customers' crypto assets, CataX has initiated an investigation. There's a suspicion that an employee might be involved in this breach. As of now, the exact figure of the losses remains undisclosed by CataX.

Deloitte LLP Steps In

Deloitte LLP, a global financial auditing giant, has been enlisted by CataX to conduct a forensic investigation into the incident. CataX plans to provide updates to its users once Deloitte concludes its investigation.

While the proactive steps taken by CataX CTS Ltd. in response to the security breach are noteworthy, the incident casts a shadow on the security protocols of cryptocurrency platforms. Such occurrences highlight the ongoing challenges in ensuring the safety of digital assets in a rapidly evolving technological landscape.