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BREAKING: #Catalyx, a Canadian crypto exchange, suspends trading and withdrawals following a security breach earlier this month. Customer funds are reportedly lost. #CryptoNews #SecurityBreach According to Coindesk.

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The former crypto exchange’s CEO, Hyuk Jae Park, will also pay a $90,000 fine to the Alberta Securities Commission.

The Alberta Securities Commission (ASC) has concluded a Settlement Agreement and Undertaking with CatalX CTS Ltd. (operating as Catalyx) and its chief executive officer, Hyuk Jae Park (Park), for breaching Alberta securities laws. Catalyx operated a crypto asset trading platform in Canada from February 2019 to January 2024. In January 2024, Catalyx entered receivership with a court-appointed receiver. In February 2023, the Canadian Securities Administrators (CSA) issued a notice advising that all crypto asset trading platforms were required to file a pre-registration undertaking with the relevant CSA jurisdiction to permit them to continue operating in Canada while they sought registration and related exemptive relief with their respective securities regulator. In March 2023, Catalyx entered into a pre-registration undertaking with the ASC in which it made important legal commitments. Catalyx undertook to establish and maintain procedures to mitigate custodial risks to clients’ assets and to promptly report any material breach to the ASC.   Catalyx breached the terms of that undertaking in two critical ways. First, it failed to ensure that proper controls existed to prevent unauthorized withdrawals and safeguard clients’ assets. The receiver found that Catalyx’s records showed almost $14 million USD in crypto assets, but the actual value was only about $150,000 USD. The primary cause of this shortfall was unauthorized withdrawals and the use of crypto assets for purposes unrelated to client activities. Second, although Park became aware of this loss of clients’ assets by November 24, 2023, Catalyx did not inform the ASC of this material breach until December 21, 2023. This delay in reporting was a breach of Catalyx's undertaking.  In the Settlement Agreement and Undertaking, Catalyx admitted that it breached Alberta securities laws by failing to comply with the terms of its undertaking. Park admitted that, as chief executive officer and signatory to the undertaking, he authorized, permitted or acquiesced in those breaches.  “Commitments made to securities regulators are not optional.  Pre-registration undertakings are significant legal obligations that crypto asset trading platforms must comply with to operate in Canada,” said Cynthia Campbell, Director of Enforcement.  “The safeguarding of client assets and timely reporting of material breaches are core investor protection requirements. When those obligations are not met, the ASC will take enforcement action. This settlement demonstrates our commitment to protecting investors and maintaining confidence in Alberta's capital markets.” As part of the Settlement Agreement and Undertaking: * All trading in Catalyx securities must cease and Catalyx is permanently prohibited from trading or purchasing securities or derivatives, relying on exemptions, acting as a registrant, investment fund manager or promoter, engaging in investor relations activities, or participating in the capital markets in a management or consultative capacity. * Park agreed to pay $90,000 to the ASC, resign all director and officer positions, and be prohibited from acting as a director or officer (subject to a limited exception), engaging in investor relations activities, becoming or acting as a registrant, investment fund manager or promoter, or participating in the capital markets in a management or consultative capacity. The prohibitions will continue in effect for six years or until Park completes training on the duties of corporate officers, whichever is longer. * The monetary settlement and market access restrictions would have been higher absent Park's funding and contributions of $950,000 to Catalyx's receivership process The ASC continues its proceeding against Jae Ho Lee, the former chief financial officer of Catalyx, for alleged fraud. The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

The Alberta Securities Commission (ASC) has issued a Notice of Hearing against CatalX CTS Ltd. (operating as Catalyx), Hyuek Jae Park (Park) and Jae Ho Lee (Lee). At the time of the alleged misconduct, Lee was chief financial officer and Park was chief executive officer of Catalyx. The Notice of Hearing alleges that Lee perpetrated a fraud on Catalyx clients and that Catalyx failed to comply with a written undertaking it had given the ASC to permit it to continue operating in Canada while its application for registration as an authorized crypto asset trading platform (CTP) was being reviewed by the Commission.  At the time of the alleged misconduct, CTPs operating in Canada were required to sign a pre-registration undertaking in order to continue operations while their application for registration was under review. As part of the undertaking, CTPs were required to comply with terms and conditions to address investor protection concerns. More information about the regulation of CTPs is available on the Canadian Securities Administrators website. According to the Notice of Hearing: * Beginning in February 2019, Lee improperly withdrew at least $14,030,000 CAD worth of clients’ crypto assets from the Catalyx CTP, and transferred them to accounts he controlled at other CTPs. Lee subsequently returned some crypto assets to the Catalyx CTP, leaving it with a substantial shortfall. Lee also misappropriated clients’ fiat currency deposits for unauthorized purposes. * By November 24, 2023, Park was aware that Lee perpetrated a fraud on clients of Catalyx, but Catalyx failed to inform the ASC of this material breach of the written undertaking until December 21, 2023. * In further breach of the written undertaking, Catalyx failed to establish, maintain and apply policies and procedures to manage and mitigate the risk of an employee misappropriating clients’ fiat currency and crypto assets that were meant to be held in trust for clients. These are allegations and have not been proven in a hearing. An appearance to set a date for a hearing will be held on September 15, 2025 in the ASC Hearing Room, located on the 5th floor, 250 – 5 Street S.W., Calgary, Alberta. A copy of the Notice of Hearing can be found on the ASC website. The ASC gratefully acknowledges the assistance of the BC Securities Commission, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and the Financial Market Authority Liechtenstein. The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.

Catalyx Space, Inc., a San Francisco, CA-based space infrastructure company providing solutions for orbital missions across industries, raised $5.4m in Seed funding

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