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 The coins withdrawn by the bad actor were solely from Netcoins’ operational float, valued at an estimated CAD $343,000.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
About BIGG Digital Assets Inc.
BIGG Digital Assets Inc. (BIGG) believes the future of crypto is a safe, compliant, and regulated environment. BIGG invests in products and companies to support this vision. BIGG has three portfolio companies: Netcoins (netcoins.com), Blockchain Intelligence Group (blockchaingroup.io), and TerraZero (terrazero.com).
Blockchain Intelligence Group builds technology to power compliance and intelligence for the crypto future. Banks and crypto companies depend on our technology to monitor risk from crypto transactions. Investigators and law enforcement quickly identify and track illicit activity. Blockchain Intelligence Group is trusted globally by banks, crypto companies, law enforcement, fintechs, regtechs and governments.
Netcoins offers safe and secure crypto trading in Canada and the USA, with a mission to make cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and safety. Netcoins has a robust product offering with Crypto Trading (US and CA), Netcoins Pay (CA) and Netcoins Staking (CA). Netcoins utilizes BitRank Verified® software at the heart of its platform and facilitates crypto trading via its cutting-edge Mobile and Web applications. For more information please visit our website www.netcoins.com.
TerraZero Technologies Inc. is a vertically integrated Metaverse development group and leading Web3 technology company specializing in helping brands create immersive experiences. TerraZero's Metaverse-agnostic vision is to develop and implement products and services with scalable commercial applications to flourish engagement across gamified experiences where enterprise-level businesses, metaverse platforms, and Web3 creators can seamlessly bridge and actionably grow their virtual world and the physical world endeavors together as one. TerraZero owns digital real estate for brands to establish presence in existing virtual worlds and can also offer brands their own private worlds to provide offices and services to those interested in the metaverse. Furthermore, TerraZero acquires, designs, builds, and operates virtual assets and solutions to monetize the metaverse ecosystem. TerraZero’s businesses are segmented into five (5) divisions which include: (1) immersive experience creation in existing or private virtual worlds; (2) advertising; (3) data analytics; (4) events and marketing; and (5) infrastructure. TerraZero aims to support the community, foster innovation, and drive adoption. For more information, please visit https://terrazero.com/ or contact firstname.lastname@example.org.
Certain statements in this release are forward-looking statements, which include the completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of BIGG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIGG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIGG’s expectations include consumer sentiment towards BIGG’s products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIGG disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIGG undertakes no obligation to comment on the expectations of or statements made by, third parties in respect of the matters discussed above.
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