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Bitmarket closes up shop, hack suspected

 

Poland’s second-largest crypto exchange Bitmarket closed up shop on Tuesday, without any prior warning. According to a message posted a day earlier on the Bitmarket’s website, the exchange was forced to cease operations due to loss of liquidity. However, some of its clients suspect that the exchange might have been hacked.

 

As a matter of fact, Bitmarket users have created a thread in Reddit, and share their experience with the exchange. They claim that lately the firm has been acting strangely - asking users to change their passwords (without any given reason) and suspending withdrawals over additional KYC requirements.

 

As cryptocurrency businesses are still largely unregulated, all kinds of scammers exploit the gaps in the legal frameworks. The list of crypto exchanges hacked so far in 2019 includes Cryptopia, CoinBene, DragonEx, Bitrue, Binance and Coinmama, and the losses reported for each of them is calculated in digital assets worth millions of dollars. For example, thieves stole $16 million from Cryptopia in January, CoinBene and DragonEx lost a combined $46 million dollars of Ethereum-based tokens through hacks disclosed in March.

 

We remind you that hacking is not the only way to steal money from a crypto exchange: QuadrigaCX was declared bankrupt after the mysterious death of its owner, owing customers $190 million worth of cryptocurrency and fiat, and Bitsane simply vanished, supposedly scamming more than 246 000 customers.

 

TAGS: Bitmarket  hack  crypto-exchange  Poland  scam 
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