Where's the Bitmarket money? Evolution of PLN million to 500?

Stock market managers cryptocurrency Bitmarket, which suspended operations, argues that they are themselves injured. Still, it is not known what about the clients' funds, which according to estimates are worth from about 113 million zlotys to even 500 million zlotys.

Recall: the bitmap cryptocurrency market suspended its activity suddenly. Initially, only the ability to log in to the site was turned off Bitmarket.plbut it quickly stopped working completely. Instead, only a brief information could be seen on the portal:

"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. "

Read more: Bitmarket finishes. The reason for lack of liquidity?

It is the same until today, but we already know a lot more about the problems of the stock market. It turns out that the managers had known about its poor foundations for a long time. On Facebook profile cryptoggidy  a statement by the director of Kvadratco, Marcin Aszkiełowicz appeared. He convinces him that he is the victim himself.

Contents of the statement:

"Dear Bitmarket customers

None of the people who managed the Bitmarket exchange over the years has ever embezzled Clients' funds. I am convinced of my integrity and good will and will defend her during the court proceedings.

The huge hole I informed about in recent days The Management Board of IQ Partners is the result of extraordinary situations and management errors committed by the persons actually managing the stock exchange that took place in the first two years of the exchange's operations after its acquisition from Aftermarket, min. hacking into the exchange servers, as a result of which several users' accounts and technical accounts of the stock market have died over 600 BTC. The case of the theft was carried out by the Olsztyn Police Department.

In the matter of the above circumstances, in the coming days I will give detailed testimony in the prosecutor's office conducting the investigation.

I have a number of irrefutable evidence to explain the negative balance of funds.

Their approximate balance was already in 2017 year about 2300 BTC, calculated for all cryptocurrencies and FIAT. The persons actually managing the stock exchange at the time, being aware of this immensely difficult situation, left me alone with the problem of a huge deficit. Over the last 2 years I did everything with the whole team to bring the company out of this stalemate situation.

Dozens of talks with investors, meetings and development ideas did not bring any improvement. The galloping increase in the cryptocurrency rate forced us often to take unfavorable actions in order to maintain the liquidity of the stock exchange.

Until the last days I was hoping that this catastrophe would be avoided - for hundreds of clients and my personal.

I am on the verge of physical and emotional endurance. Haunted and prosecuted by injured clients.

I can only ask for forgiveness now, patience and the right to defend myself. I was not and I am not a cheater. I was left alone by my partners on a sinking ship, naively believing that it would make it to the port. "

Owners: it's not us, it's them

It is hard to resist the impression that the statement looks like a razor grabbing a sinker. Director Kvadratco admits that he knew perfectly well that the company is on the verge of solvency. What's more, this situation has lasted for years.

Meanwhile, the stock exchange has been operating since the 2014 year through a company in Seychelles. Its operator was the British Kvadratco Services Limited. The domain was, however, registered by a company from Estonia. Marcin Aszkiełowicz and Tobiasz Niemiro did not buy the Bitmarket domain until the 2017 year and they also wanted to take over the deposits. The transaction did not come to an end. Instead, the stock market was closed.

The second partner - Tomasz Nimiro - also claims to be a victim of the Bitmarket cryptocurrency exchange problems.

Niemiro in an interview with Bankier.pl says:

“I was a financial investor, never ran a Bitmarket exchange, never managed it. I treated this venture as an investment target, which will be managed and developed by competent people, and then the entire holding will be able to sell profitably. This goal has not been achieved. I have not recovered my invested funds. I lost a lot, for today I calculated that about PLN 1,2 million. In addition, I had some funds on the stock exchange, but I do not know how I will be able to prove it now, since the platform does not work. "

Where are the millions of Bitmarket?

According to still unofficial data, the account on the platform had approx. 60 thousand. people. Only 5 of them were to be active "recently". On the stock exchange, it was supposed to be from about PLN 113 million to even PLN 500 million Bitcoinach and other currencies and cryptocurrencies. Where is the money, who has access to them, will the exchange participants ever be able to recover them and how? These questions are not answered today.

A group was created on Facebook "Bitmarket - the victims", which already brings together nearly 3 thousand. people. On it are also discussed ideas on how not to lose the invested money.

The victims decided to help the Trading Jam Session Foundation (TJS) and the Polish Bitcoin Association (PSB). TJS has already organized an open meeting of the victims, at which the possibilities of recovering money were discussed.

Report from the first meeting with the victims: