Bitkub Online gets another 30 days to fix adminTransfer technology
Cryptocurrency company Bitkub Online has been given another 30 days to fix its “adminTransfer” technology for transactions with its Bitkub Coin (KUB) tokens after it missed its November 5 deadline.
The Securities and Exchange Commission (SEC) on Thursday gave the company a second 30-day extension to rectify actions that may cause damage to the public. The SEC initially gave Bitkub Online a 30-day extension on October 6 to plug holes in the KUB token project, especially with the adminTransfer technology, which allows administrators to transfer digital assets from any digital wallet. The SEC wants this technology to be changed to limit unauthorised access to users’ digital assets.
The company was required to provide clear evidence of such remediation to the SEC within 30 days from October 6 and disclose risks associated with adminTransfer of KUB coins on the Bitkub website within three days from the set date.
The 30-day deadline ended on November 5, but Bitkub has yet to successfully fix the adminTransfer technology, so the authority decided to give it another 30 days.
SEC said that if the issuer of KUB tokens chooses to cancel the use of adminTransfer technology altogether, Bitkub must employ risk-control measures to minimise an impact on the digital assets of KUB token holders.
