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BitMarket confirms firm shutdown was due to hack

chinese hacker on crypto

As reported by Cryptopolitan on Wednesday, a Polish cryptocurrency market, BitMarket shut down due to a loss in liquidity, only providing basic information to its users on the company’s main website.

Many Redditors thought that the shutdown wasn’t simply because there was a liquidity issue, they were speculating that the company had been hacked before as there were weird requirements in the past. Things such as requests to change the password have occurred with BitMarket at least once.

Now a BitMarket director, Marcin Aszkielowicza has come out with a statement saying that in 2017 the exchange had been hacked which caused a loss of at least 600 BTC, for both the investors and the company as well.

Later in his statement, Aszkielowicza lays the blame on previous executives of BitMarket, saying that nothing was done to prevent the hack as well as fix the issues that were caused by it. Aszkielowicza says that the last two years were spent on fixing the hole in the exchange’s coffers in order to somehow prevent liquidity issues.

However, ever since the crypto market uptick happened this year, the company has simply failed to maintain balance and would quickly approach bankruptcy should the shutdown not have occurred.

Aszkielowicza mentioned that he will refer to local authorities on discussing this case on a more serious level and finding the actual causes to share the information with the community.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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