QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
UNKNOWN
MARCH 2019
HONG KONG
GATECOIN
DESCRIPTION OF EVENTS
“One of the first regulated cryptocurrency exchanges, Gatecoin, has officially been taken over by liquidators following a series of hacks and banking problems. In a document sent to creditors of the exchange late last week, the liquidators state that “all powers of the directors of Gatecoin have ceased and the directors no longer have any authority to deal with the assets and/or undertakings of Gatecoin.” “Even after we managed to mitigate our loss by replacing that PSP with more reliable alternatives to process our clients’ transfers in September 2018, the situation did not improve because that PSP retained a large part of our funds.”
After a history of hacks, Gatecoin lost further funds in a payment service provider. It is unclear what portion of funds will be lost in the liquidation process, as this is still ongoing.
Gatecoin shuts down, goes into liquidation on court's orders - The Block (Feb 4)
Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com (Mar 5)
