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ID:

bitmarket-591

Date:

Status:

Incident Count:

July 8, 2019

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

23,000,000

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Recovered:

-

Rewards:

Currency:

USD, BTC

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Exchange

Assets

Liquidity Management

Extended Method:

Insufficient liquidity and reserve

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Days in Operation:

0

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On July 8, the Polish-based exchange Bitmarket abruptly shut down due to liquidity issues. The shutdown allegedly cost users a total of 2300 bitcoin (approximately $23 million) according to Polish prosecutors. The exchange’s official site was replaced with the following message: “We regret to inform you that due to the loss of liquidity, from 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.” Two weeks later, one of the exchange's co-owners was found shot dead. Loss of 2300 BTc or $23 million.

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