Bitmarket Gone Without Warning - Revision history

Azoundria at 19:22, 1 May 2023

2023-05-01T19:22:12Z

← Older revision		Revision as of 13:22, 1 May 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitmarketdisappearswithoutwarning.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/bitmarketdisappearswithoutwarning.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	The entire case is shrouded in mystery; however it seems that the exchange was operating with partial reserves for a long period of time, either the result of hacking or poorly managed finances. This was finally uncovered when the operators attempted to sell the exchange, and reported as fraud, which may have resulted in the forced closure. One hope was that requesting additional KYC/AML would reduce the withdrawal requests to a manageable level, however that failed to work. The end result left Niemiro in an impossible position, by which he chose to end his life. The use of proper multi-signature cold storage wallets can prevent theft, both internal and external, by enforcing that all parties agree to every expense or withdrawal. Any hot wallets should be insured. Regular auditing of the exchange enforces that these rules are followed and that any temporary shortage can be corrected.		The entire case is shrouded in mystery; however it seems that the exchange was operating with partial reserves for a long period of time, either the result of hacking or poorly managed finances. This was finally uncovered when the operators attempted to sell the exchange, and reported as fraud, which may have resulted in the forced closure. One hope was that requesting additional KYC/AML would reduce the withdrawal requests to a manageable level, however that failed to work. The end result left Niemiro in an impossible position, by which he chose to end his life. The use of proper multi-signature cold storage wallets can prevent theft, both internal and external, by enforcing that all parties agree to every expense or withdrawal. Any hot wallets should be insured. Regular auditing of the exchange enforces that these rules are followed and that any temporary shortage can be corrected.

	This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.		This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.<ref name="newsbtc-176" /><ref name="bitcointalk-177" /><ref name="cointelegraph-260" /><ref name="coindesk-261" /><ref name="theblockcrypto-262" /><ref name="cryptoslate-263" /><ref name="yahoofinance-264" /><ref name="decrypt-265" /><ref name="reddit-266" /><ref name="reddit-267" /><ref name="slowmisthacked-1160" /><ref name="cryptoxdirectory-2276" />
	<ref name="newsbtc-176" /><ref name="bitcointalk-177" /><ref name="cointelegraph-260" /><ref name="coindesk-261" /><ref name="theblockcrypto-262" /><ref name="cryptoslate-263" /><ref name="yahoofinance-264" /><ref name="decrypt-265" /><ref name="reddit-266" /><ref name="reddit-267" /><ref name="slowmisthacked-1160" /><ref name="cryptoxdirectory-2276" />

	== About Bitmarket.Pl ==		== About Bitmarket.Pl ==
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	!Description		!Description
	\|-		\|-
	\|July 1st, 2019 12:01:27 AM		\|July 1st, 2019 12:01:27 AM MDT
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			Coming soon.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	~~Coming soon.~~

	== References ==		== References ==
	<references><ref name="newsbtc-176">[https://www.newsbtc.com/2016/10/28/bitmarket-eu-hack-may-link-linkedin-dropbox-hacking-incidents/ Bitmarket.Eu Hack May Link LinkedIn and Dropbox Hacking Incidents] (Feb 28, 2020)</ref>		<references><ref name="newsbtc-176">[https://www.newsbtc.com/2016/10/28/bitmarket-eu-hack-may-link-linkedin-dropbox-hacking-incidents/ Bitmarket.Eu Hack May Link LinkedIn and Dropbox Hacking Incidents] (Feb 29, 2020)</ref>

	<ref name="bitcointalk-177">[https://bitcointalk.org/index.php?topic=5441.1220 BitMarket.Eu has closed down] (Feb 28, 2020)</ref>		<ref name="bitcointalk-177">[https://bitcointalk.org/index.php?topic=5441.1220 BitMarket.Eu has closed down] (Feb 29, 2020)</ref>

	<ref name="cointelegraph-260">[https://cointelegraph.com/news/polish-crypto-exchange-bitmarket-shuts-down-citing-liquidity-loss Polish Crypto Exchange BitMarket Shuts Down Citing Liquidity Loss] (Mar 14, 2020)</ref>		<ref name="cointelegraph-260">[https://cointelegraph.com/news/polish-crypto-exchange-bitmarket-shuts-down-citing-liquidity-loss Polish Crypto Exchange BitMarket Shuts Down Citing Liquidity Loss] (Mar 15, 2020)</ref>

	<ref name="coindesk-261">[https://www.coindesk.com/polish-crypto-exchange-bitmarket-suddenly-shuts-down Polish Crypto Exchange Bitmarket Suddenly Shuts Down - CoinDesk] (Mar 14, 2020)</ref>		<ref name="coindesk-261">[https://www.coindesk.com/polish-crypto-exchange-bitmarket-suddenly-shuts-down Polish Crypto Exchange Bitmarket Suddenly Shuts Down - CoinDesk] (Mar 15, 2020)</ref>

	<ref name="theblockcrypto-262">[https://www.theblockcrypto.com/linked/30464/polish-crypto-exchange-bitmarket-shuts-down-citing-loss-of-liquidity Polish crypto exchange BitMarket shuts down, citing ‘loss of liquidity’ - The Block] (Mar 14, 2020)</ref>		<ref name="theblockcrypto-262">[https://www.theblockcrypto.com/linked/30464/polish-crypto-exchange-bitmarket-shuts-down-citing-loss-of-liquidity Polish crypto exchange BitMarket shuts down, citing ‘loss of liquidity’ - The Block] (Mar 15, 2020)</ref>

	<ref name="cryptoslate-263">[https://cryptoslate.com/second-largest-polish-cryptocurrency-exchange-bitmarket-shuts-down/ Second-largest Polish cryptocurrency exchange BitMarket shuts down \| CryptoSlate] (Mar 14, 2020)</ref>		<ref name="cryptoslate-263">[https://cryptoslate.com/second-largest-polish-cryptocurrency-exchange-bitmarket-shuts-down/ Second-largest Polish cryptocurrency exchange BitMarket shuts down \| CryptoSlate] (Mar 15, 2020)</ref>

	<ref name="yahoofinance-264">[https://finance.yahoo.com/news/polish-crypto-exchange-bitmarket-suddenly-085239879.html Polish Crypto Exchange Bitmarket Suddenly Shuts Down] (Mar 14, 2020)</ref>		<ref name="yahoofinance-264">[https://finance.yahoo.com/news/polish-crypto-exchange-bitmarket-suddenly-085239879.html Polish Crypto Exchange Bitmarket Suddenly Shuts Down] (Mar 15, 2020)</ref>

	<ref name="decrypt-265">[https://decrypt.co/8086/bitmarket-exchange-tobias-nemiro-dead-poland Co-owner of shuttered Polish crypto exchange Bitmarket found dead - Decrypt] (Mar 14, 2020)</ref>		<ref name="decrypt-265">[https://decrypt.co/8086/bitmarket-exchange-tobias-nemiro-dead-poland Co-owner of shuttered Polish crypto exchange Bitmarket found dead - Decrypt] (Mar 15, 2020)</ref>

	<ref name="reddit-266">[https://www.reddit.com/r/Buttcoin/comments/chusjq/one_of_the_people_involved_in_the_defunct_polish/ <nowiki>One of the people involved in the defunct Polish creepto exchange Bitmarket found dead. [PL only, sorry] : Buttcoin</nowiki>] (Mar 20, 2020)</ref>		<ref name="reddit-266">[https://www.reddit.com/r/Buttcoin/comments/chusjq/one_of_the_people_involved_in_the_defunct_polish/ <nowiki>One of the people involved in the defunct Polish creepto exchange Bitmarket found dead. [PL only, sorry] : Buttcoin</nowiki>] (Mar 21, 2020)</ref>

	<ref name="reddit-267">[https://www.reddit.com/r/Bitcoin/comments/ci4p4c/coowner_of_shuttered_polish_cryptocurrency/ Co-owner of shuttered Polish cryptocurrency exchange Bitmarket found dead : Bitcoin] (Mar 20, 2020)</ref>		<ref name="reddit-267">[https://www.reddit.com/r/Bitcoin/comments/ci4p4c/coowner_of_shuttered_polish_cryptocurrency/ Co-owner of shuttered Polish cryptocurrency exchange Bitmarket found dead : Bitcoin] (Mar 21, 2020)</ref>

	<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref>		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 26, 2021)</ref>

	<ref name="cryptoxdirectory-2276">[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 7, 2021)</ref></references>		<ref name="cryptoxdirectory-2276">[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 8, 2021)</ref></references>

Azoundria at 08:09, 17 February 2023

2023-02-17T08:09:37Z

← Older revision		Revision as of 02:09, 17 February 2023
Line 1:		Line 1:
	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitmarketdisappearswithoutwarning.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/bitmarketdisappearswithoutwarning.php}}
			{{Unattributed Citations}}

	The entire case is shrouded in mystery; however it seems that the exchange was operating with partial reserves for a long period of time, either the result of hacking or poorly managed finances. This was finally uncovered when the operators attempted to sell the exchange, and reported as fraud, which may have resulted in the forced closure. One hope was that requesting additional KYC/AML would reduce the withdrawal requests to a manageable level, however that failed to work. The end result left Niemiro in an impossible position, by which he chose to end his life. The use of proper multi-signature cold storage wallets can prevent theft, both internal and external, by enforcing that all parties agree to every expense or withdrawal. Any hot wallets should be insured. Regular auditing of the exchange enforces that these rules are followed and that any temporary shortage can be corrected.		The entire case is shrouded in mystery; however it seems that the exchange was operating with partial reserves for a long period of time, either the result of hacking or poorly managed finances. This was finally uncovered when the operators attempted to sell the exchange, and reported as fraud, which may have resulted in the forced closure. One hope was that requesting additional KYC/AML would reduce the withdrawal requests to a manageable level, however that failed to work. The end result left Niemiro in an impossible position, by which he chose to end his life. The use of proper multi-signature cold storage wallets can prevent theft, both internal and external, by enforcing that all parties agree to every expense or withdrawal. Any hot wallets should be insured. Regular auditing of the exchange enforces that these rules are followed and that any temporary shortage can be corrected.

	This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.		This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.
			<ref name="newsbtc-176" /><ref name="bitcointalk-177" /><ref name="cointelegraph-260" /><ref name="coindesk-261" /><ref name="theblockcrypto-262" /><ref name="cryptoslate-263" /><ref name="yahoofinance-264" /><ref name="decrypt-265" /><ref name="reddit-266" /><ref name="reddit-267" /><ref name="slowmisthacked-1160" /><ref name="cryptoxdirectory-2276" />

	== About Bitmarket.Pl ==		== About Bitmarket.Pl ==
Line 23:		Line 25:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 45:		Line 46:
	\|-		\|-
	\|July 1st, 2019 12:01:27 AM		\|July 1st, 2019 12:01:27 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
Line 58:		Line 55:

	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $23,000,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Line 69:		Line 66:

	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 80:		Line 77:

	== References ==		== References ==
	[https://www.newsbtc.com/2016/10/28/bitmarket-eu-hack-may-link-linkedin-dropbox-hacking-incidents/ Bitmarket.Eu Hack May Link LinkedIn and Dropbox Hacking Incidents] (Feb 28)		<references><ref name="newsbtc-176">[https://www.newsbtc.com/2016/10/28/bitmarket-eu-hack-may-link-linkedin-dropbox-hacking-incidents/ Bitmarket.Eu Hack May Link LinkedIn and Dropbox Hacking Incidents] (Feb 28, 2020)</ref>

	[https://bitcointalk.org/index.php?topic=5441.1220 BitMarket.Eu has closed down] (Feb 28)		<ref name="bitcointalk-177">[https://bitcointalk.org/index.php?topic=5441.1220 BitMarket.Eu has closed down] (Feb 28, 2020)</ref>

	[https://cointelegraph.com/news/polish-crypto-exchange-bitmarket-shuts-down-citing-liquidity-loss Polish Crypto Exchange BitMarket Shuts Down Citing Liquidity Loss] (Mar 14)		<ref name="cointelegraph-260">[https://cointelegraph.com/news/polish-crypto-exchange-bitmarket-shuts-down-citing-liquidity-loss Polish Crypto Exchange BitMarket Shuts Down Citing Liquidity Loss] (Mar 14, 2020)</ref>

	[https://www.coindesk.com/polish-crypto-exchange-bitmarket-suddenly-shuts-down Polish Crypto Exchange Bitmarket Suddenly Shuts Down - CoinDesk] (Mar 14)		<ref name="coindesk-261">[https://www.coindesk.com/polish-crypto-exchange-bitmarket-suddenly-shuts-down Polish Crypto Exchange Bitmarket Suddenly Shuts Down - CoinDesk] (Mar 14, 2020)</ref>

	[https://www.theblockcrypto.com/linked/30464/polish-crypto-exchange-bitmarket-shuts-down-citing-loss-of-liquidity Polish crypto exchange BitMarket shuts down, citing ‘loss of liquidity’ - The Block] (Mar 14)		<ref name="theblockcrypto-262">[https://www.theblockcrypto.com/linked/30464/polish-crypto-exchange-bitmarket-shuts-down-citing-loss-of-liquidity Polish crypto exchange BitMarket shuts down, citing ‘loss of liquidity’ - The Block] (Mar 14, 2020)</ref>

	[https://cryptoslate.com/second-largest-polish-cryptocurrency-exchange-bitmarket-shuts-down/ Second-largest Polish cryptocurrency exchange BitMarket shuts down \| CryptoSlate] (Mar 14)		<ref name="cryptoslate-263">[https://cryptoslate.com/second-largest-polish-cryptocurrency-exchange-bitmarket-shuts-down/ Second-largest Polish cryptocurrency exchange BitMarket shuts down \| CryptoSlate] (Mar 14, 2020)</ref>

	[https://finance.yahoo.com/news/polish-crypto-exchange-bitmarket-suddenly-085239879.html Polish Crypto Exchange Bitmarket Suddenly Shuts Down] (Mar 14)		<ref name="yahoofinance-264">[https://finance.yahoo.com/news/polish-crypto-exchange-bitmarket-suddenly-085239879.html Polish Crypto Exchange Bitmarket Suddenly Shuts Down] (Mar 14, 2020)</ref>

	[https://decrypt.co/8086/bitmarket-exchange-tobias-nemiro-dead-poland Co-owner of shuttered Polish crypto exchange Bitmarket found dead - Decrypt] (Mar 14)		<ref name="decrypt-265">[https://decrypt.co/8086/bitmarket-exchange-tobias-nemiro-dead-poland Co-owner of shuttered Polish crypto exchange Bitmarket found dead - Decrypt] (Mar 14, 2020)</ref>

	[https://www.reddit.com/r/Buttcoin/comments/chusjq/one_of_the_people_involved_in_the_defunct_polish/ <nowiki>One of the people involved in the defunct Polish creepto exchange Bitmarket found dead. [PL only, sorry] : Buttcoin</nowiki>] (Mar 20)		<ref name="reddit-266">[https://www.reddit.com/r/Buttcoin/comments/chusjq/one_of_the_people_involved_in_the_defunct_polish/ <nowiki>One of the people involved in the defunct Polish creepto exchange Bitmarket found dead. [PL only, sorry] : Buttcoin</nowiki>] (Mar 20, 2020)</ref>

	[https://www.reddit.com/r/Bitcoin/comments/ci4p4c/coowner_of_shuttered_polish_cryptocurrency/ Co-owner of shuttered Polish cryptocurrency exchange Bitmarket found dead : Bitcoin] (Mar 20)		<ref name="reddit-267">[https://www.reddit.com/r/Bitcoin/comments/ci4p4c/coowner_of_shuttered_polish_cryptocurrency/ Co-owner of shuttered Polish cryptocurrency exchange Bitmarket found dead : Bitcoin] (Mar 20, 2020)</ref>

	[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)		<ref name="slowmisthacked-1160">[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25, 2021)</ref>

	[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 7)		<ref name="cryptoxdirectory-2276">[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 7, 2021)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitmarketdisappearswithoutwarning.php}} The entire case is shrouded in mystery; however it seems that the exchange was operating with partial reserves for a long period of time, either the result of hacking or poorly managed finances. This was finally uncovered when the operators attempted to sell the exchange, and reported as fraud, which may have resulted in the forced closure. One hope was that..."

2023-01-25T03:12:07Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitmarketdisappearswithoutwarning.php}} The entire case is shrouded in mystery; however it seems that the exchange was operating with partial reserves for a long period of time, either the result of hacking or poorly managed finances. This was finally uncovered when the operators attempted to sell the exchange, and reported as fraud, which may have resulted in the forced closure. One hope was that..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/bitmarketdisappearswithoutwarning.php}}

The entire case is shrouded in mystery; however it seems that the exchange was operating with partial reserves for a long period of time, either the result of hacking or poorly managed finances. This was finally uncovered when the operators attempted to sell the exchange, and reported as fraud, which may have resulted in the forced closure. One hope was that requesting additional KYC/AML would reduce the withdrawal requests to a manageable level, however that failed to work. The end result left Niemiro in an impossible position, by which he chose to end his life. The use of proper multi-signature cold storage wallets can prevent theft, both internal and external, by enforcing that all parties agree to every expense or withdrawal. Any hot wallets should be insured. Regular auditing of the exchange enforces that these rules are followed and that any temporary shortage can be corrected.

This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.

== About Bitmarket.Pl ==
“In an unexpected move that surprised most of its users,” “Polish cryptocurrency exchange BitMarket announced its shutdown.” “With an average daily trading volume of around $850,000, BitMarket was the second-largest cryptocurrency exchange in Poland.” “Dear Users, We regret to inform you that due to the loss of liquidity, since 08/07/2019, Bitmarket.pl/net was forced to cease its operations.” “A translation of the report from IQ Partners showed that … BitMarket was unable to settle liabilities by its operator, Kvadratco Services Limited. Gyptrade, which was set to takeover BitMarket, said it won’t be able to complete the process. The company also reportedly filed a complaint with the district prosecutors in the Polish town of Olsztyn, accusing BitMarket of committing fraud.” “A Reddit post suggested that the exchange had been exhibiting odd behavior in the weeks prior to the closure. A Redditor with the username OdoBanks wrote that “red flags” included users being forced to change their passwords without explanation and withdrawals halted over unusual additional know-your-customer procedures.” “Currently, it is not known how BitMarket users will be able to withdraw their funds” “More than 400 investors allegedly lost a total of 2300 bitcoin (worth approximately $23 million,)” “Police are investigating the death of Tobiasz Niemiro, a Polish entrepreneur and co-owner” “Niemiro’s body was found with a bullet wound to the head on Thursday in a forest near his home city of Olsztyn” “Poland’s leading newspaper, Gazeta Wyborcza, which has been heavily following the story, suggested that Niemiro, 44, had committed suicide.” “In separate statements issued after the close of Bitmarket, Niemiro and his co-founder, Marcin Aszkiełowicz, denied allegations that they had misappropriated clients’ funds.” “Niemiro also told Polish website Money.pl, that he was not responsible for administering the exchange funds and had suffered losses himself.” “I lost everything because somebody caused the collapse of the exchange,” he said. “Now I'm losing face and my good name, for which I've worked all my life. I am one of the victims.”

This exchange or platform is based in Poland, or the incident targeted people primarily in Poland.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - Bitmarket Gone Without Warning
!Date
!Event
!Description
|-
|July 1st, 2019 12:01:27 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Coming soon.

== References ==
[https://www.newsbtc.com/2016/10/28/bitmarket-eu-hack-may-link-linkedin-dropbox-hacking-incidents/ Bitmarket.Eu Hack May Link LinkedIn and Dropbox Hacking Incidents] (Feb 28)

[https://bitcointalk.org/index.php?topic=5441.1220 BitMarket.Eu has closed down] (Feb 28)

[https://cointelegraph.com/news/polish-crypto-exchange-bitmarket-shuts-down-citing-liquidity-loss Polish Crypto Exchange BitMarket Shuts Down Citing Liquidity Loss] (Mar 14)

[https://www.coindesk.com/polish-crypto-exchange-bitmarket-suddenly-shuts-down Polish Crypto Exchange Bitmarket Suddenly Shuts Down - CoinDesk] (Mar 14)

[https://www.theblockcrypto.com/linked/30464/polish-crypto-exchange-bitmarket-shuts-down-citing-loss-of-liquidity Polish crypto exchange BitMarket shuts down, citing ‘loss of liquidity’ - The Block] (Mar 14)

[https://cryptoslate.com/second-largest-polish-cryptocurrency-exchange-bitmarket-shuts-down/ Second-largest Polish cryptocurrency exchange BitMarket shuts down | CryptoSlate] (Mar 14)

[https://finance.yahoo.com/news/polish-crypto-exchange-bitmarket-suddenly-085239879.html Polish Crypto Exchange Bitmarket Suddenly Shuts Down] (Mar 14)

[https://decrypt.co/8086/bitmarket-exchange-tobias-nemiro-dead-poland Co-owner of shuttered Polish crypto exchange Bitmarket found dead - Decrypt] (Mar 14)

[https://www.reddit.com/r/Buttcoin/comments/chusjq/one_of_the_people_involved_in_the_defunct_polish/ <nowiki>One of the people involved in the defunct Polish creepto exchange Bitmarket found dead. [PL only, sorry] : Buttcoin</nowiki>] (Mar 20)

[https://www.reddit.com/r/Bitcoin/comments/ci4p4c/coowner_of_shuttered_polish_cryptocurrency/ Co-owner of shuttered Polish cryptocurrency exchange Bitmarket found dead : Bitcoin] (Mar 20)

[https://hacked.slowmist.io/en/?c=Exchange SlowMist Hacked - SlowMist Zone] (Jun 25)

[https://cryptoxdirectory.com/hacked_2019 The 23 exchange hacks of 2019] (Aug 7)