Another Canadian Bitcoin Exchange Set to Close Shop: CAVIRTEX Says Latest Security Breach Last Straw

CAVIRTEX is the second Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term in Canada to announce its closure in as many months following the latest security incident.

The exchange claims to have been the constant target of hackers, which in the most recent incident, are said to have compromised an old version of a database containing 2-factor authentication (2FA) secrets and hashed passwords. Not included were identification documents.

The exchange says that no client funds have ever been lost and it has maintained 100% reserves. Clients are asked to withdraw funds from their accounts by March 25. Deposits have been halted effective immediately, and all trading will cease on March 20.

Clients are also asked to log into their accounts, change their credentials and clear browser cookies. Bitcoin and litecoin withdrawals are temporarily disabled as a security precaution.

CAVIRTEX said that it is ceasing operations due to the security risks it continuously encounters. "We believe that the damage to the company's reputation caused by the potential compromise will significantly harm our ability to continue to operate successfully," it explained.

The closure comes despite CAVIRTEX apparently investing further into the crypto economy with its launch of several bitcoin ATMs throughout the country.

Last month, Vault of Satoshi--a Canadian exchange which placed a huge emphasis on security--also announced its closure, citing a new focus on a non-crypto related project.

The closures leave CoinTrader as one of the last major exchanges left in the country. It is trying to snap up market share left behind by its peers, recently announcing the addition of CAD-based trading.