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Highlights
- Newton is believed to be a reputable and low-cost crypto trading platform in Canada.
- On May 30, some users feared that Newton, a crypto exchange in Canada, got hacked.
- Newton crypto exchange posted that some users got a deposit notification due to a glitch on its official account.
In Canada, crypto investors stay alert as QuadrigaCX, probably the largest cryptocurrency exchange in the country, halted operations in 2019.
QuadrigaCX was a subsidiary of Quadriga Fintech Solutions, which filed for bankruptcy with liabilities of C$ 215.7 million and assets of C$28 million.
Also Read: What is LockPay and is it a pump and dump scheme?
Gerald William Cotten, the company's CEO and founder, died in India in 2018. Because only Cotten had the password to off-line cold wallets, around C$ 250 million in cryptocurrency owing to 115,000 customers were gone or could not be accessed.
On May 30, some users feared that Newton, another crypto exchange in Canada, got hacked. Here's why the hacking fear sent investors into a panic mode:
Canada's Newton hacked?
Newton is believed to be a reputable and low-cost crypto trading platform in Canada. The crypto platform allows its users to buy and sell virtual currency on any device, with access to some of the best cryptocurrency values in Canada.
As per the official website, it only takes a few minutes to set up and fund your account. Also, users can transfer their funds or leave them with Newton when they're ready. It's entirely up to them.
On Monday, some users complained that they were facing login issues, and some received deposit notifications. Due to this reason, rumours surfaced online that the Newton crypto exchange got hacked.
Addressing the users, Newton crypto exchange's chief executive officer (CEO) Dustin Walper took to Twitter and said they were investigating the issue to fix it.
Later, Newton crypto exchange posted on its official account that some users got a deposit notification due to a glitch related to a new deployment, and the team was rolling it back. Meanwhile, temporary login issues were resolved too.
Bottom line
It appears that the Newton crypto exchange was not hacked, and it was a technical glitch, as per the official statement. The cryptocurrency market is going through turbulent times, and people remain alert and cautious due to increased volatility and the potential threat of a crypto scam.
Since May 30, the crypto market has been recovering slowly, and at the time of writing, the global crypto market cap had increased to US$ 1.31 trillion.
Also Read: What is AgeOfGods (AOG) crypto and why its volume soared 1200%?
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