Crypto Trading Platform Cubits Enters Insolvency Proceedings After Alleged Hack
Cryptovest
Published Dec 12, 2018 12:24PM ET
Updated Dec 12, 2018 01:41PM ET
Crypto Trading Platform Cubits Enters Insolvency Proceedings After Alleged Hack
UK-based cryptocurrency trading operator Dooga Ltd, working under the trademark Cubits, has entered administration, the company said on Tuesday. At the moment, it is unclear what the situation with client funds is, though several customers are accusing Cubits of locking their accounts.
The platform began insolvency proceedings after a “serious criminal act” in February this year Cubits said. The company explained that three of its clients and a Malta-based payment processor, allegedly colluded with fraudsters to steal Bitcoins worth of 29 million euro ($32.9 million). At that time, the average price of BTC was around $10,000 per coin. Cubits had obtained two garnishee orders against the Maltese firm and filed arbitration proceedings for approximately 35 million euro ($39.7 million), mostly coming from the three clients. The company disclosed neither the name of the payment processor nor the institution that had granted it with the orders.
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