The BitMarket marketplace ends. Reason? Problems with liquidity

After the spectacular collapse of Coinroom, another Polish cryptocurrency exchange announced that it lost liquidity and stopped payment of funds. Exchange Bitmarket, owned by a UK company, suspends operations. You can not log in or withdraw funds to the page.

First, the ability to log in to the Bitmarket.pl site was disabled, and then the site did not work at all. Currently, we can only see on it a laconic message:

"Dear Users,

We regret to inform you that due to the loss of liquidity, as of 08.07.2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps. "

How the Bitmarket stock market operated

Bitmarket is a Polish cryptocurrency exchange operating on the Polish website and providing services to clients mainly from our country. It was established in 2015. The stock exchange itself, however, was registered in the so-called tax haven - in the Seychelles. The company that operated it operated in Great Britain. This is Kvadratco Services Limited.

Hacker attack caused the fall?

The market speculates that the stock market could collapse due to a successful attack by hackers, but this is still in the phase of guesses, though highly probable. At the beginning of May this year, the exchange forced users to change their passwords. This sudden procedure could be the result of a hacker attack, because it is a usual preventive measure in such cases. However, the company never officially confirmed that the attack took place.

The fact is, however, that from February 5 - after being entered on the list of warnings of the Polish Financial Supervision Authority - the operations of the BitMarket24 twin stock exchange ended. In her case, however, customers had time to withdraw the invested funds. When and if money will be able to pay investors speculating with Bitmarket? This is not yet known.

The prosecutor's office is already working

At Bitmarket you could trade the most known cryptocurrencies: BTC, LTC, ETH, XRP, BTG, there were also pairs with euro and zloty. Currently, you can not even log in, which has already resulted in informing the law enforcement authorities. IQ Partners  filed a notification about the possibility of committing a crime to the Olsztyn prosecutor's office, informing about the insolvency of the British company Kvadratco Services Ltd ..

Problems of the next Polish cryptocurrency exchange

These are not the first problems of the Polish cryptocurrency market recently. At the beginning of April, we wrote about the Warsaw Stock Exchange Coinroom, which unexpectedly terminated all contracts and gave customers one day to withdraw funds.

Formerly existing since 2017 year The Coinroom exchange has been put on the list of warnings of the Polish Financial Supervision Authority. The KNF also sent to the prosecutor's office a notification of suspicion of committing a crime by just 100 thousand. PLN in the company's share capital.

Hackers attacks with the bane of cryptocurrencies

The problems of cryptocurrency exchanges are not only the Polish domain. It is similar all over the world, but the biggest players - even if they fall victim to hackers - do not have to close their business because they have much larger financial resources.

This year, we have already described at least some spectacular attacks, which ended with the theft of huge sums. In March, the Singapore-based DragonEx cryptocurrency was robbed, but it did not inform how much it lost. At the turn of April and May this year, it was also strongly renowned the Binance exchange, which lost about PLN 42 as a result of the hacker attack.

Sometimes, stock market owners are just scammers, just like Gerald Cotten from QuadrigaCX, who in the last years before his death simply jumbled about 250 million USDby renting planes, exclusive islands and pleasing expensive gifts to his wife.