Polish crypto currency exchange Bitmarket suddenly closed its doors

Polish crypto currency exchange Bitmarket suddenly closed its doors

Polish crypto currency exchange Bitmarket suddenly closed its doors

The Poland-based crypto currency exchange Bitmarket suddenly closed its doors without warning its users.

According to a short message posted on the stock exchange’s website late last night, Bitmarket is reminded that Poland is the second largest crypto currency exchange in Poland.

We are deeply saddened to announce that we have had to stop the activities of our stock exchange as of 08/07/2019 due to the loss of liquidity. We will share detailed information with our esteemed customers in the future.

According to Reddit user OdoBanks´there have been red flags and he thinks that the exchange might have been hacked.

Red flags in the last few weeks preceding the bankruptcy:

  1. Users were forced to change their passwords (no reason given)
  2. Users’ API keys were changed
  3. Some users’ withdrawals were halted on the basis of additional KYC requirements. The exchange demanded:
  • a scan of the ID, front and back
  • a photo of a parson’s face, holding the ID and a note confirming that you are using bitmarket to buy bitcoin for yourself, as an investment (a new requirement).

Exchange representatives, active on Polish bitcoin forum, claimed that this was the long overdue KYC requirement and that they were only targeting people with expired IDs. They never addressed users’ accusations of hiding the fact that the exchange has been hacked.

Some sources are trying to reach the top management of the crypto exchange to determine the details of the closure and the situation regarding the funds of the users. However, no response has yet been received.

At the time of writing, Bitmarket’s Twitter account seems to have not made a statement about the closing of the crypto exchange.

About Shawn Morrison 255 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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