Loss of liquidity causes Bitmarket to shut down in Poland

Clone hack

According to reports coming from Poland, the second largest cryptocurrency exchange in the country, Bitmarket has seized its operations due to loss of liquidity.

Usually, when companies say that they’ve lost their liquidity sources it means that they are on the verge of bankruptcy and would much rather exit their positions while they’re still in the positive.

However, some rumours have flared up with the investors saying that the crypto exchange may have been hacked recently, as last week Bitmarket asked its investors to change their passwords as well as provide snapshotted documents on their accounts.

This all seemed odd as the company didn’t show any signs of losing funds before that, and simply shut down on Tuesday by simply leaving an apology letter in both Polish and English on its main website.

Although crypto hacks are nothing new anymore and even the largest crypto exchanges suffer occasional attacks, it’s quite daunting to see yet another exchange fall victim to it.

Although the hack hasn’t been confirmed yet, the local press or the regulator will definitely have an investigation with the company in order to determine the true nature of the shutdown.

The community’s worst fears of Bitmarket being hit by a hack could be true in the grand scheme of things.

But all we can do at the moment is wait for them to come out with an official announcement.

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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