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"According to details spelled out in Ernst & Young's fifth monitor's report released Wednesday evening, QuadrigaCX appears to have never operated as a legitimate business. By the time the dominoes fell, the exchange owed 76,000 users CA$214 million in fiat and crypto. Only CA$33 million has been recovered, which leaves CA$180 million still missing."

Japanese crypto exchange Bitpoint has become the latest exchange to suffer a major loss of funds. Its loss of $32 million-in five cryptocurrencies.

Ireland-based cryptocurrency exchange Bitsane disappeared without a trace last week, likely taking hundreds of thousands of users' assets with it. Account holders told Forbes that attempts to withdraw bitcoin, XRP and other cryptocurrencies began failing in May, with Bitsane's support team writing in emails that withdrawals were "temporarily disabled due to technical reasons." By June 17, Bitsane's website was offline and its Twitter and Facebook accounts were deleted.

The MAS (the Monetary Authority of Singapore), BOE (Bank of England) and FCA (Financial Conduct Authority) have announced they will be working together to strengthen cyber security in their financial sectors.

Japanese crypto exchange Bitpoint has suspended all services after losing $32 million in a hack involving XRP, Bitcoin (BTC) and other cryptocurrencies.

The FSB is developing a toolkit of effective practices relating to a financial institution's response to, and recovery from, a cyber incident. The toolkit aims to provide financial institutions and authorities with a set of effective practices and will be based on the shared experience and diversity of perspectives gathered by the FSB, including through responses to its survey of industry practices.

"SIX MONTHS OF 2019 are on the books already, and certainly there have been six months' worth of data breaches, supply chain manipulations, state-backed hacking campaigns, and harbingers of cyberwar to show for it. But the hallmark of 2019, perhaps, is feeling like the worst is yet to come. Ransomware is an ever-growing threat, corporate and US government security is still a mess, and geopolitical tensions are rising worldwide."

In an application security, privacy, and compliance probe, testing firm ImmuniWeb highlighted the concerning state of security at the worlds largest financial institutions, handing only three an A+ result for SSL encryption and website security.

QuadrigaCX's Gerald Cotten, who *apparently* died last December, transferred millions of dollars in crypto out of customer accounts and into other exchanges, with the funds being used to furnish his personal lifestyle and trading habits.

A brief outage Tuesday morning at 10:00AM Eastern took down a number of crypto information and trading sites including Coinbase and CoinMarketCap. The issues cleared up around 10:18AM and most sites seem to be running again.

Binance is investigating into the alleged leak of its customers' verification information. The leak could affect up to 60,000 individual users who sent KYC information to the company in 2018 and 2019.

Digital transformation is powering China's economy and also new growth opportunities for the insurance sector. [PDF]

Pooling intelligence on cyber trespassing is the future of digital defence - at least, that's what many in the op risk camp are saying. Platforms to disseminate that information are being set up by consortia of banks, sometimes even with government involvement. Yet despite their avowals, it's not clear how much banks want to share. Beyond the most rudimentary details of a breach attempt, banks may hold back for fear of ending up in the crosshairs of regulators - or of actually helping cyber thieves.

According to CipherTrace, outright thefts, scams and other kinds of misappropriation of funds from digital currency holders and trading platforms resulted in around $4.3 billion in losses throughout 2019.

This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience.

There's a huge imbalance between crypto hacker insurance supply and demand, but the $45B Lloyd's of London insurance marketplace is emerging as a major player, as is Aon, the second-largest insurance broker in the world.

This note outlines EIOPA's strategic priorities regarding the European cyber insurance market, as part of EIOPA's broader mission to promote sound technological progress for the benefit of the European Union economy and its citizens, while safeguarding financial stability, market integrity and investors' protection. The note puts EIOPA's cyber underwriting strategy into context, discusses the work undertaken so far by EIOPA and outlines the proposed way forward.

A Thomson Reuters Regulatory Intelligence report sheds further light on the impact that technology is having on the role of compliance within financial service firms. It highlights the ebb and flow of attitudes on the adoption and use, in practice, of technology in financial services. It also examines the shifting role of the regulator and global concerns over tackling rising cyber-risk.

When cryptoasset exchanges get hacked and large monetary amounts get stolen, news tends to spread fairly quickly. However, articles tend to focus largely on the monetary amount stolen. Rarely do they explore the deeper consequences and fallout resulting from these shocks. In this feature, Coinmetrics use both on-chain and market data to analyze four of the largest Bitcoin exchange hacks and look at the deep consequences of each, both positive and negative.

The European Systemic Risk Board (ESRB) has today published a report on cyber incidents, such as cyberattacks. The report, which also summarises the latest estimates of the costs of cyber incidents, shows that a cyber incident could indeed evolve into a systemic cyber crisis that threatens financial stability. The ESRB has therefore identified cyber risk as one of the sources of systemic risk to the financial system which could have serious negative consequences for the real economy.