VANCOUVER, British Columbia, Sept. 18, 2023 (GLOBE NEWSWIRE) — BIGG Digital Assets Inc. (“BIGG” or the “Company”) (CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), owns Netcoins (Netcoins.ca) (“Netcoins”), the online cryptocurrency brokerage that makes it easy for North Americans to buy, sell, and understand cryptocurrency, and Blockchain Intelligence Group (“BIG”) (blockchaingroup.io), a cryptocurrency compliance and intelligence company.
On September 17, 2023, Netcoins was the target of a cybersecurity incident. Netcoins’ internal control systems, designed to monitor crypto-asset withdrawals, detected suspicious activity on Netcoins’ hot wallets. Netcoins’ automated systems blocked attempted crypto withdrawals outside of preset, tightly controlled permitted limits, and immediately notified Netcoins staff. Upon internal investigation, it was determined that a bad actor had accessed the Netcoins network. Netcoins took steps to remove the unauthorized user and reinforce the security of its network. The vulnerability was addressed by the Netcoins team within the hour.
No customer funds or crypto assets were compromised. The coins withdrawn by the bad actor were solely from Netcoins’ operational float, valued at an estimated CAD $343,000. All subsequent crypto asset withdrawals have been reviewed, verified and performed manually for an added layer of security.
Netcoins also identified an unauthorized attempt to remove customer personal information during the incident, and Netcoins is currently working with cybersecurity experts to investigate whether this did occur.
As a precautionary measure, Netcoins performed a hard reset on all customer passwords, and required all users to set up new credentials to access the platform following this event. Netcoins has updated all of its internal passwords, password management system, tokens and keys for its network to prevent any further access.
Netcoins continues to operate as normal with enhanced procedures in place to ensure protection for our valued customers. All customer crypto assets and customer funds are securely held 1:1 by Netcoins.
Netcoins is conducting, with the assistance of third-party cybersecurity experts, a forensic investigation into the cause and scope of the incident. The investigation is ongoing and law enforcement has been notified.
The security of our customers and other stakeholders remains our utmost priority.
On behalf of the Board