VANCOUVER, British Columbia, April 11, 2022 (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 Canadians to buy, sell, and understand cryptocurrency, and Blockchain Intelligence Group (“BIG”) (blockchaingroup.io), a cryptocurrency compliance and intelligence company.
On April 7, 2022, Netcoins’ internal control systems, designed to monitor and govern coin withdrawals, detected suspicious activity from a single KYC verified user requesting abnormal withdrawals. Within 3 minutes, Netcoins automated systems had intervened to prevent withdrawals and within 15 minutes staff had frozen the customer account, including all funds and coins. Upon internal investigation, it was determined that the customer had discovered a software vulnerability allowing them to fraudulently increase their fiat holdings. This vulnerability was fixed by the Netcoins development team within the hour.
No customer accounts were compromised, and no customer funds or digital coins were compromised. The coins withdrawn by the user were solely from Netcoins’ own float. The user withdrew 24 BTC and 275k XRP, valued at an estimated CAD $1.58M.
A comprehensive file, including timeline, was shared with BIGG’s forensic investigation division, Blockchain Intelligence Group (BIG), which took immediate action – tracing and tracking the withdrawn coins. Law enforcement is involved and investigations will be on-going.
BIGG is in a unique position, as owner of BIG, a leading blockchain forensics company, to work with law enforcement to freeze and seize the stolen coins. We will make every effort to recover our assets. BIG has a full forensic report, being updated in real time, of the coin locations and movements.
Mark Binns, BIGG CEO, remarked “The bad actor who fraudulently purchased and withdrew crypto from Netcoins will be pursued to the full extent of our capability as an organization, and with the full force of the law. Our internal control systems and measures, automated and human, worked as designed, and no customers’ funds, coins or accounts were compromised or accessed. Netcoins remains fully operational for our valued customers. The actions of one bad actor will not deter us as we continue to follow our mission in creating a safe, compliant and regulated future for cryptocurrency.”
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.ca), 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 develops brokerage and exchange software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and safety. Netcoins utilizes BitRank Verified® software at the heart of its platform and facilitates crypto trading via a self-serve crypto brokerage portal at Netcoins.app.
TerraZero is a vertically integrated Metaverse development group and leading Web 3.0 technology company specializing in the Metaverse space. The Company’s Metaverse agnostic vision is to develop, acquire, and finance the Metaverse’s most promising companies, entrepreneurs, and developers. TerraZero also owns digital real estate and provides offices and services to those interested in the Metaverse. BIGG owns ~33% of TerraZero.
Certain statements in this release are forward-looking statements, which include 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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