Canada Urges Alert: No Crypto Exchange guarantees Safety

The Canadian Securities Administrators (CSA) published a warning note to investors that called for caution when trading on cryptocurrency exchanges
11 June 2018   1075

Although online exchanges declaring to be registered or verified, the CSA explained that none of them were accepted officially in Canada. The CSA is the governmental structure on regulating securities in Canada. Its jurisdiction is spread over 10 provinces and 3 areas and is responsible for developing a proper framework for securities trading and investor protection. The CSA-published warning urged the Canadian residents to be careful when dealing with cryptocurrency trading platforms, because no operator has the requisite permission to formally conduct trading operations in the country.

We want investors to understand that just because a platform may advertise itself as an exchange, that does not mean the platform is complying with applicable securities regulations.
Louis Morisset
Chair, CSA

Any investor with a cryptocurrency exchange account can not be defended according to Canadian securities and investor laws. In the unforeseen scenario that a firm gets shut down, loses its users’ funds, or is attacked, an investor can lose the entire balance they kept with the entity with little recourse available from the CSA or otherwise. 

The law informs that any such exchange seeking registration to process as a crypto exchange to service Canadian investors have to ensure “secure handling of client funds, appropriate safekeeping and protection of assets, confidentiality safeguards for personal information, reliable processes for pricing and trading in crypto assets, appropriate investor pre-trade disclosures and measures against market manipulation and other harmful practices.”

The note resembles CSA-published letter in August 2017, that alerted investors about the cryptocurrency prices that could differ from region to region giving rise to arbitrage possibilities. The high arbitrage, however, was estimated by authorities as harmful for retail investors.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   276

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.