CoinTrader/NewNote Shuts Down - Revision history

Azoundria: Another 30 minutes. Prepared a promotion for the wiki article. Fixed invalid sources. Added in details from the CoinDesk article.

2024-03-28T20:19:55Z

Another 30 minutes. Prepared a promotion for the wiki article. Fixed invalid sources. Added in details from the CoinDesk article.

← Older revision		Revision as of 14:19, 28 March 2024
Line 1:		Line 1:
	{{Case Study Under Construction}}{{Unattributed Sources}}[[File:Cointrader.jpg\|thumb\|CoinTrader Logo/Homepage]]CoinTrader.net was a Canadian exchange platform which was acquired by NewNote Financial for $1.5m. No annual report was completed for 2015. When the platform shut down in 2016, an internal audit showed “a deficiency of bitcoin in company wallets". NewNote officially claimed they owed nothing to creditors because the issue was with CoinTrader. The exact amount lost has not been published.		{{Case Study Under Construction}}{{Unattributed Sources}}[[File:Cointrader.jpg\|thumb\|CoinTrader Logo/Homepage]]CoinTrader.net was a Canadian exchange platform which was acquired by NewNote Financial for $1.5m. No annual report was completed for 2015. When the platform shut down in 2016, an internal audit showed “a deficiency of bitcoin in company wallets". NewNote officially claimed they owed nothing to creditors because the issue was with CoinTrader. The exact amount lost has not been published.

	<ref name="ccn-30" /><ref name="newsdotbitcoin-31" /><ref name="webfilesthecse-32~~" /><ref name="coindesk-33~~" /><ref name="reddit-34" /><ref name="reddit-35" /><ref name="bitcointalk-36" />~~CoinDesk~~		<ref name="ccn-30" /><ref name="newsdotbitcoin-31" /><ref name="webfilesthecse-32" /><ref name="reddit-34" /><ref name="reddit-35" /><ref name="bitcointalk-36" />

	== About CoinTrader.net ==		== About CoinTrader.net ==
Line 19:		Line 19:
	== The Reality ==		== The Reality ==
	Vulnerabilities in the CoinTrader platform were present which would threaten the ambitious dreams of the Newnote team and CoinTrader users.		Vulnerabilities in the CoinTrader platform were present which would threaten the ambitious dreams of the Newnote team and CoinTrader users.

			This isn't the exchange's first setback; in early 2014, it faced account closures by the Bank of Montreal due to government restrictions on digital currency businesses<ref name="coindesk-33" />.

			Cointrader's closure follows months of low trading volume, with just 81.43 BTC traded over six months<ref name="coindesk-33" />.

	== What Happened ==		== What Happened ==
Line 55:		Line 59:
	\|CCN Article About Shutdown		\|CCN Article About Shutdown
	\|Online new site CCN reports that the CoinTrader platform has shut down<ref name="ccn-30" />. The shut down has left customers uncertain about the fate of their accounts. The exchange announced the closure on its website without providing any indication of a potential return<ref name="ccn-30" />. The homepage of the website now simply states that CoinTrader.net has shut down immediately, assuring customers with balances that they will be contacted via email, mail, or telephone to settle their accounts<ref name="ccn-30" />. Newnote Financial Corp's website is also inactive, with only a message teasing "something cool coming soon." The logistics of settling accounts for all customers remain uncertain, as CoinTrader has yet to provide further details or comments regarding its closure. Despite attempts to contact CoinTrader for clarification, no representative was available for comment at the time of publishing<ref name="ccn-30" />.		\|Online new site CCN reports that the CoinTrader platform has shut down<ref name="ccn-30" />. The shut down has left customers uncertain about the fate of their accounts. The exchange announced the closure on its website without providing any indication of a potential return<ref name="ccn-30" />. The homepage of the website now simply states that CoinTrader.net has shut down immediately, assuring customers with balances that they will be contacted via email, mail, or telephone to settle their accounts<ref name="ccn-30" />. Newnote Financial Corp's website is also inactive, with only a message teasing "something cool coming soon." The logistics of settling accounts for all customers remain uncertain, as CoinTrader has yet to provide further details or comments regarding its closure. Despite attempts to contact CoinTrader for clarification, no representative was available for comment at the time of publishing<ref name="ccn-30" />.
			\|-
			\|March 30th, 2016 10:05:00 AM MDT
			\|CoinDesk Article Published
			\|CoinDesk reports that Canada-based bitcoin exchange Cointrader has announced its immediate shutdown, citing a significant hack<ref name="coindesk-33" />. Users received unconfirmed emails detailing a deficiency of bitcoins in company wallets, causing withdrawal delays<ref name="coindesk-33" />. The exchange halted all deposits, withdrawals, and trading activities until further notice<ref name="coindesk-33" />. Cointrader's closure follows months of low trading volume, with just 81.43 BTC traded over six months<ref name="coindesk-33" />. This isn't the exchange's first setback; in early 2014, it faced account closures by the Bank of Montreal due to government restrictions on digital currency businesses<ref name="coindesk-33" />. Cointrader and its parent company, Newnote Financial, have not responded to requests for comment<ref name="coindesk-33" />.
	\|-		\|-
	\|March 30th, 2016 11:58:34 AM MDT		\|March 30th, 2016 11:58:34 AM MDT
Line 86:		Line 94:

	== Immediate Reactions ==		== Immediate Reactions ==
	The CoinTrader website was shut down. This was reported by multiple media sources.		The CoinTrader website was shut down. This was reported by multiple media sources. The shut down left customers uncertain about the fate of their accounts<ref name="ccn-30" />. The logistics of settling accounts for all customers remain uncertain, as CoinTrader has yet to provide further details or comments regarding its closure<ref name="ccn-30" />.

	=== Closure Of The Website ===		=== Closure Of The Website ===
	The homepage of the website stated that CoinTrader.net had shut down immediately, assuring customers with balances that they will be contacted via email, mail, or telephone to settle their accounts<ref name="ccn-30" />.<blockquote>"In addition, the Company has discontinued the Cointrader.net Bitcoin Exchange effective immediately. Rising maintenance costs and lower trading volume attributed to an increase in competitors within the Canadian market space have been factors in its closure. Users of Cointrader.net with balances remaining are being settled and accounts closed."</blockquote>		The homepage of the website stated that CoinTrader.net had shut down immediately, assuring customers with balances that they will be contacted via email, mail, or telephone to settle their accounts<ref name="ccn-30" />. The exchange halted all deposits, withdrawals, and trading activities until further notice<ref name="coindesk-33" />.<blockquote>"In addition, the Company has discontinued the Cointrader.net Bitcoin Exchange effective immediately. Rising maintenance costs and lower trading volume attributed to an increase in competitors within the Canadian market space have been factors in its closure. Users of Cointrader.net with balances remaining are being settled and accounts closed."</blockquote>

	=== Reports In The Media ===		=== Reports In The Media ===
	Online new sites CoinDesk and CCN reported that the CoinTrader platform had shut down<ref name="ccn-30" />~~. The shut down has left customers uncertain about the fate of their accounts~~. The exchange announced the closure on its website without providing any indication of a potential return<ref name="ccn-30" />. ~~The logistics~~ of ~~settling accounts for all customers remain uncertain~~, ~~as CoinTrader has yet to provide further details or comments regarding its closure~~. Despite attempts to contact CoinTrader for clarification, no representative was available for comment at the time of publishing<ref name="ccn-30" />.		Online new sites CoinDesk and CCN reported that the CoinTrader platform had shut down<ref name="ccn-30" /><ref name="coindesk-33" />. The exchange announced the closure on its website without providing any indication of a potential return<ref name="ccn-30" /><ref name="coindesk-33" />. Users received unconfirmed emails detailing a deficiency of bitcoins in company wallets, causing withdrawal delays<ref name="coindesk-33" />. Despite attempts by CCN to contact CoinTrader for clarification, no representative was available for comment at the time of publishing<ref name="ccn-30" />. Cointrader and its parent company, Newnote Financial, had also not responded to requests for comment from CoinDesk<ref name="coindesk-33" />.

	=== Discussions On BitcoinTalk ===		=== Discussions On BitcoinTalk ===

Azoundria at 20:11, 28 March 2024

2024-03-28T20:11:19Z

← Older revision		Revision as of 14:11, 28 March 2024
Line 66:		Line 66:
	\|November 16th, 2016		\|November 16th, 2016
	\|Trading Delisted		\|Trading Delisted
	\|The Canadian Securities Exchange delists Newnote<ref name=":2" />.		\|The Canadian Securities Exchange delists Newnote<ref name="pressreader-43" />.
	\|-		\|-
	\|September 8th, 2017		\|September 8th, 2017
	\|Notice Of Claim		\|Notice Of Claim
	\|A Vancouver man named Kenneth Charles Craig files a notice of claim in the Supreme Court of British Columbia<ref name=":2" />. "The troubles, as described by Mr. Craig, go back to his purchase of 9.75 bitcoins through Cointrader.net. He says that subsequent to his purchase, Cointrader.net was acquired by Newnote. Initially, he thought his deposit was secure. He claims to have received assurances from Newnote and Mr. Dickson to that effect."<ref name=":2" />		\|A Vancouver man named Kenneth Charles Craig files a notice of claim in the Supreme Court of British Columbia<ref name="pressreader-43" />. "The troubles, as described by Mr. Craig, go back to his purchase of 9.75 bitcoins through Cointrader.net. He says that subsequent to his purchase, Cointrader.net was acquired by Newnote. Initially, he thought his deposit was secure. He claims to have received assurances from Newnote and Mr. Dickson to that effect."<ref name="pressreader-43" />
	\|-		\|-
	\|September 13th, 2017		\|September 13th, 2017
	\|PressReader Article Published		\|PressReader Article Published
	\|PressReader publishes an article reporting on the breach and resulting lawsuits which have happened<ref name=":2" />.		\|PressReader publishes an article reporting on the breach and resulting lawsuits which have happened<ref name="pressreader-43" />.
	\|}		\|}

Line 81:		Line 81:

	== Total Amount Lost ==		== Total Amount Lost ==
	"Newnote said that it suffered the loss of approximately 100 bitcoins after a security breach."<ref name=":2" />		"Newnote said that it suffered the loss of approximately 100 bitcoins after a security breach."<ref name="pressreader-43" />

	The total amount lost has been estimated at $1,500,000? USD.		The total amount lost has been estimated at $1,500,000? USD.
Line 101:		Line 101:


	“I had funds in the exchange and have been nagging Newnote repeatedly since it occurred. Intermittently they respond, and generally just blow me off. If you read their ToS, there's some verbiage that (if upheld) seems to indicate a 12-month "limitation period" on any claims - the deadline for which is rapidly approaching. Possible they're trying to lay low in hopes the majority of users don't do anything about it.”"Newnote said that it suffered the loss of approximately 100 bitcoins after a security breach. As a result, it could no longer operate the Cointrader.net site. The company claimed that it subsequently reimbursed all of the users that it could verify. Mr. Kagerer and Mr. Paschenik were not among those users with verified claims, according to the company."<ref name=":2" />		“I had funds in the exchange and have been nagging Newnote repeatedly since it occurred. Intermittently they respond, and generally just blow me off. If you read their ToS, there's some verbiage that (if upheld) seems to indicate a 12-month "limitation period" on any claims - the deadline for which is rapidly approaching. Possible they're trying to lay low in hopes the majority of users don't do anything about it.”"Newnote said that it suffered the loss of approximately 100 bitcoins after a security breach. As a result, it could no longer operate the Cointrader.net site. The company claimed that it subsequently reimbursed all of the users that it could verify. Mr. Kagerer and Mr. Paschenik were not among those users with verified claims, according to the company."<ref name="pressreader-43" />

	"Newnote further said that the terms of use for the site specifically limited its liability. Those terms stated that the site was not liable for “Monetary or other value attributed to Bitcoins,” among other things. They also stated that the site was provided “as is” and that Cointrader “disclaims any recourse against us and you hereby waive any recourse and indemnify us .. from any and all claims, demands, damages, losses, costs and expenses or [sic] any kind and nature.”"<ref name=":2" />		"Newnote further said that the terms of use for the site specifically limited its liability. Those terms stated that the site was not liable for “Monetary or other value attributed to Bitcoins,” among other things. They also stated that the site was provided “as is” and that Cointrader “disclaims any recourse against us and you hereby waive any recourse and indemnify us .. from any and all claims, demands, damages, losses, costs and expenses or [sic] any kind and nature.”"<ref name="pressreader-43" />

	== Total Amount Recovered ==		== Total Amount Recovered ==

Azoundria at 20:10, 28 March 2024

2024-03-28T20:10:31Z

← Older revision		Revision as of 14:10, 28 March 2024
Line 50:		Line 50:
	\|March 29th, 2016		\|March 29th, 2016
	\|Abrupt Shutdown		\|Abrupt Shutdown
	\|According to PressReader, the site abruptly shut down on March 29th, 2016<ref name="~~:2">[https://web.archive.org/web/20220812033154/https://www.~~pressreader~~.com/canada/stockwatch~~-~~daily/20170913/281526521219543 Newnote sued by Cointrader.net customers - PressReader Archive August 11th, 2022 9:31:54 PM MDT] (Accessed Mar 12, 2024)<~~/~~ref~~>.		\|According to PressReader, the site abruptly shut down on March 29th, 2016<ref name="pressreader-43" />.
	\|-		\|-
	\|March 30th, 2016 8:41:34 AM MDT		\|March 30th, 2016 8:41:34 AM MDT
Line 147:		Line 147:
	<ref name="kitco-41">[https://web.archive.org/web/20220814042612/https://www.kitco.com/news/2015-03-19/Newnote-Financial-Acquires-100-Interest-in-Revenue-Generating-Cointrader-net-Bitcoin-Exchange-CoinZe.html Newnote Financial Acquires 100% Interest in Revenue Generating Cointrader.net Bitcoin Exchange, CoinZero Point-of-Sale System and ATM Machines in London & Tokyo - Kitco News Archive August 13th, 2022 10:26:12 PM MDT] (Feb 6, 2020)</ref>		<ref name="kitco-41">[https://web.archive.org/web/20220814042612/https://www.kitco.com/news/2015-03-19/Newnote-Financial-Acquires-100-Interest-in-Revenue-Generating-Cointrader-net-Bitcoin-Exchange-CoinZe.html Newnote Financial Acquires 100% Interest in Revenue Generating Cointrader.net Bitcoin Exchange, CoinZero Point-of-Sale System and ATM Machines in London & Tokyo - Kitco News Archive August 13th, 2022 10:26:12 PM MDT] (Feb 6, 2020)</ref>
	<ref name="proactiveinvestors-42">[https://ca.proactiveinvestors.com/companies/news/105993/newnote-acquires-bitcoin-exchange-cointradernet-other-assets-for-c15-mln-60533.html Newnote acquires Bitcoin exchange Cointrader.net, other assets for C$1.5 mln - Proactive Investors] (Feb 6, 2020)</ref>		<ref name="proactiveinvestors-42">[https://ca.proactiveinvestors.com/companies/news/105993/newnote-acquires-bitcoin-exchange-cointradernet-other-assets-for-c15-mln-60533.html Newnote acquires Bitcoin exchange Cointrader.net, other assets for C$1.5 mln - Proactive Investors] (Feb 6, 2020)</ref>
	<ref name="pressreader-43">[https://www.pressreader.com/canada/stockwatch-daily/20170913/281526521219543 Newnote sued by CoinTrader.net customers - PressReader] (Feb 6, 2020)</ref>		<ref name="pressreader-43">[https://web.archive.org/web/20220812033154/https://www.pressreader.com/canada/stockwatch-daily/20170913/281526521219543 Newnote sued by CoinTrader.net customers - PressReader Archive August 11th, 2022 9:31:54 PM MDT] (Feb 6, 2020)</ref>
	</references>		</references>

Azoundria: source issue

2024-03-28T20:06:45Z

source issue

← Older revision		Revision as of 14:06, 28 March 2024
Line 143:		Line 143:
	<ref name="bitcointalk-36">[https://bitcointalk.org/index.php?topic=1418286.0 Bitcoin Exchange Cointrader Shuts Down After Alleged Hack - BitcoinTalk] (Feb 6, 2020)</ref>		<ref name="bitcointalk-36">[https://bitcointalk.org/index.php?topic=1418286.0 Bitcoin Exchange Cointrader Shuts Down After Alleged Hack - BitcoinTalk] (Feb 6, 2020)</ref>
	<ref name="financemagnates-37">[https://www.financemagnates.com/cryptocurrency/exchange/canadian-bitcoin-exchange-cointrader-net-to-go-public-in-1-18-million-deal-with-newnote-financial/ Canadian Bitcoin Exchange CoinTrader to Go Public in $1.18 Million Deal with Newnote Financial - Finance Magnates] (Feb 6, 2020)</ref>		<ref name="financemagnates-37">[https://www.financemagnates.com/cryptocurrency/exchange/canadian-bitcoin-exchange-cointrader-net-to-go-public-in-1-18-million-deal-with-newnote-financial/ Canadian Bitcoin Exchange CoinTrader to Go Public in $1.18 Million Deal with Newnote Financial - Finance Magnates] (Feb 6, 2020)</ref>
	<ref name="gettyimages-38">[https://www.gettyimages.co.uk/detail/news-photo/attendees-visit-the-cointrader-exchange-inc-booth-during-news-photo/881226542 Attendees visit the Cointrader Exchange Inc. booth during the... News Photo - Getty Images] (Feb 6, 2020)</ref>
	<ref name="bloomberg-39">[https://www.bloomberg.com/profile/company/1250496D:CN Cointrader Exchange Inc - Bloomberg] (Feb 6, 2020)</ref>		<ref name="bloomberg-39">[https://www.bloomberg.com/profile/company/1250496D:CN Cointrader Exchange Inc - Bloomberg] (Feb 6, 2020)</ref>
	<ref name="airbitz-40">[https://web.archive.org/web/20200813110159/https://airbitz.co/biz/3408/cointrader-vancouver/ Cointrader (Vancouver) - AirBitz Archive August 13th, 2020 5:01:59 AM MDT] (Accessed Feb 6, 2020)</ref>		<ref name="airbitz-40">[https://web.archive.org/web/20200813110159/https://airbitz.co/biz/3408/cointrader-vancouver/ Cointrader (Vancouver) - AirBitz Archive August 13th, 2020 5:01:59 AM MDT] (Accessed Feb 6, 2020)</ref>

Azoundria: Another 30 minutes. Sorting through and integrating sources into the about section information to fill in more of the history of the company. Getty images source is unrelated - a different CoinTrader. Integrating more information from Finance Magnate. Starting integration of information from BitcoinTalk.

2024-03-27T18:14:54Z

Another 30 minutes. Sorting through and integrating sources into the about section information to fill in more of the history of the company. Getty images source is unrelated - a different CoinTrader. Integrating more information from Finance Magnate. Starting integration of information from BitcoinTalk.

Show changes

Azoundria: Another 30 minutes. Improved the introduction description. Added reality. Improved the timeline articles and other information merged. Added information on last Twitter activity. Added an immediate reaction section with information. Completed an initial prevention section.

2024-03-26T21:43:21Z

Another 30 minutes. Improved the introduction description. Added reality. Improved the timeline articles and other information merged. Added information on last Twitter activity. Added an immediate reaction section with information. Completed an initial prevention section.

Show changes

Azoundria: Another 30 minutes. Added more information and articles on lawsuits and initial acquisition. Updating and working on the article further.

2024-03-12T21:10:17Z

Another 30 minutes. Added more information and articles on lawsuits and initial acquisition. Updating and working on the article further.

Show changes

Azoundria: COMPLETE Another 30 minutes. About section information spread around. Integrated information from the internet archive. Integrated information from CCN into timeline.

2024-02-29T23:38:17Z

COMPLETE Another 30 minutes. About section information spread around. Integrated information from the internet archive. Integrated information from CCN into timeline.

← Older revision		Revision as of 17:38, 29 February 2024
Line 30:		Line 30:
	\|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.
	\|-		\|-
	\|		\|March 22nd, 2016 11:07:44 PM MDT
	\|		\|Homepage Still Online
	\|		\|The last time which the CoinTrader homepage is captured as being online<ref>[https://web.archive.org/web/20160323050744/https://www.cointrader.net/ CoinTrader Homepage Archive March 22nd, 2016 11:07:44 PM MDT] (Accessed Feb 29, 2024)</ref>.
			\|-
			\|March 30th, 2016 8:41:34 AM MDT
			\|CCN Article About Shutdown
			\|Online new site CCN reports that the CoinTrader platform has shut down<ref name="ccn-30" />. CoinTrader, a prominent Canadian Bitcoin exchange, has abruptly ceased its operations, leaving customers uncertain about the fate of their accounts. The exchange, known for its exchange platform, BTM ATM machines in London and Tokyo, and CoinZero point-of-sale systems, announced the closure on its website without providing any indication of a potential return. The homepage of the website now simply states that CoinTrader.net has shut down immediately, assuring customers with balances that they will be contacted via email, mail, or telephone to settle their accounts. CoinTrader's official Twitter account is also offline, with the last activity dating back to November 2015. This unexpected closure comes after CoinTrader's acquisition by publicly traded Newnote Financial in a deal worth $1.5 million in March 2015, when it was the second-largest Canadian Bitcoin exchange by volume and the first publicly traded exchange globally. However, Newnote Financial Corp's website is also inactive, with only a message teasing "something cool coming soon." The logistics of settling accounts for all customers remain uncertain, as CoinTrader has yet to provide further details or comments regarding its closure. Despite attempts to contact CoinTrader for clarification, no representative was available for comment at the time of publishing<ref name="ccn-30" />.
			\|-
			\|April 2nd, 2016 3:29:01 AM MDT
			\|Offline 406 Error
			\|The CoinTrader website appears to be offline. A 406 error may be returned when accessing the website<ref>[https://web.archive.org/web/20160402092901/http://www.cointrader.net/ CoinTrader Homepage 406 Error Archive April 2nd, 2016 3:29:01 AM MDT] (Accessed Feb 29, 2024)</ref>.
	\|}		\|}

Line 75:		Line 83:

	== References ==		== References ==
	<references><ref name="ccn-30">[https://www.ccn.com/bitcoin-exchange-cointrader-shutdown/ Canadian Bitcoin Exchange CoinTrader Shuts Down] (Feb 5, 2020)</ref>		<references>
			<ref name="ccn-30">[https://www.ccn.com/bitcoin-exchange-cointrader-shutdown/ Canadian Bitcoin Exchange CoinTrader Shuts Down - CCN] (Feb 5, 2020)</ref>
	<ref name="newsdotbitcoin-31">[https://news.bitcoin.com/bitcoin-exchange-cointrader-hacked-taken-offline/ Bitcoin exchange Cointrader hacked, taken offline \| Bitcoin News] (Feb 5, 2020)</ref>		<ref name="newsdotbitcoin-31">[https://news.bitcoin.com/bitcoin-exchange-cointrader-hacked-taken-offline/ Bitcoin exchange Cointrader hacked, taken offline \| Bitcoin News] (Feb 5, 2020)</ref>

	<ref name="webfilesthecse-32">[https://webfiles.thecse.com/filings/2016_03_29_13_30_30_NEU_Newnote_Financial_Corporate_Update.pdf Newnote Financial Corporate Update] (Feb 5, 2020)</ref>		<ref name="webfilesthecse-32">[https://webfiles.thecse.com/filings/2016_03_29_13_30_30_NEU_Newnote_Financial_Corporate_Update.pdf Newnote Financial Corporate Update] (Feb 5, 2020)</ref>

	<ref name="coindesk-33">[https://www.coindesk.com/bitcoin-exchange-cointrader-shuts-down Bitcoin Exchange Cointrader Shuts Down After Alleged Hack - CoinDesk] (Feb 5, 2020)</ref>		<ref name="coindesk-33">[https://www.coindesk.com/bitcoin-exchange-cointrader-shuts-down Bitcoin Exchange Cointrader Shuts Down After Alleged Hack - CoinDesk] (Feb 5, 2020)</ref>

	<ref name="reddit-34">[https://www.reddit.com/r/Bitcoin/comments/4cbnr4/cointradernet_hacked/ Cointrader.net hacked :( : Bitcoin] (Feb 6, 2020)</ref>		<ref name="reddit-34">[https://www.reddit.com/r/Bitcoin/comments/4cbnr4/cointradernet_hacked/ Cointrader.net hacked :( : Bitcoin] (Feb 6, 2020)</ref>

	<ref name="reddit-35">[https://www.reddit.com/r/Bitcoin/comments/4cbnhs/was_cointrader_hacked/ Was Cointrader hacked? : Bitcoin] (Feb 6, 2020)</ref>		<ref name="reddit-35">[https://www.reddit.com/r/Bitcoin/comments/4cbnhs/was_cointrader_hacked/ Was Cointrader hacked? : Bitcoin] (Feb 6, 2020)</ref>

	<ref name="bitcointalk-36">[https://bitcointalk.org/index.php?topic=1418286.0 Bitcoin Exchange Cointrader Shuts Down After Alleged Hack] (Feb 6, 2020)</ref>		<ref name="bitcointalk-36">[https://bitcointalk.org/index.php?topic=1418286.0 Bitcoin Exchange Cointrader Shuts Down After Alleged Hack] (Feb 6, 2020)</ref>

	<ref name="financemagnates-37">[https://www.financemagnates.com/cryptocurrency/exchange/canadian-bitcoin-exchange-cointrader-net-to-go-public-in-1-18-million-deal-with-newnote-financial/ Canadian Bitcoin Exchange CoinTrader to Go Public in $1.18 Million Deal with Newnote Financial \| Finance Magnates] (Feb 6, 2020)</ref>		<ref name="financemagnates-37">[https://www.financemagnates.com/cryptocurrency/exchange/canadian-bitcoin-exchange-cointrader-net-to-go-public-in-1-18-million-deal-with-newnote-financial/ Canadian Bitcoin Exchange CoinTrader to Go Public in $1.18 Million Deal with Newnote Financial \| Finance Magnates] (Feb 6, 2020)</ref>

	<ref name="gettyimages-38">[https://www.gettyimages.co.uk/detail/news-photo/attendees-visit-the-cointrader-exchange-inc-booth-during-news-photo/881226542 Attendees visit the Cointrader Exchange Inc. booth during the... News Photo - Getty Images] (Feb 6, 2020)</ref>		<ref name="gettyimages-38">[https://www.gettyimages.co.uk/detail/news-photo/attendees-visit-the-cointrader-exchange-inc-booth-during-news-photo/881226542 Attendees visit the Cointrader Exchange Inc. booth during the... News Photo - Getty Images] (Feb 6, 2020)</ref>

	<ref name="bloomberg-39">[https://www.bloomberg.com/profile/company/1250496D:CN Cointrader Exchange Inc - Bloomberg] (Feb 6, 2020)</ref>		<ref name="bloomberg-39">[https://www.bloomberg.com/profile/company/1250496D:CN Cointrader Exchange Inc - Bloomberg] (Feb 6, 2020)</ref>

	<ref name="airbitz-40">[https://airbitz.co/biz/3408/cointrader-vancouver/ Cointrader (Vancouver) - AirBitz] (Feb 6, 2020)</ref>		<ref name="airbitz-40">[https://airbitz.co/biz/3408/cointrader-vancouver/ Cointrader (Vancouver) - AirBitz] (Feb 6, 2020)</ref>

	<ref name="kitco-41">[https://www.kitco.com/news/2015-03-19/Newnote-Financial-Acquires-100-Interest-in-Revenue-Generating-Cointrader-net-Bitcoin-Exchange-CoinZe.html Newnote Financial Acquires 100% Interest in Revenue Generating Cointrader.net Bitcoin Exchange, CoinZero Point-of-Sale System and ATM Machines in London & Tokyo \| Kitco News] (Feb 6, 2020)</ref>		<ref name="kitco-41">[https://www.kitco.com/news/2015-03-19/Newnote-Financial-Acquires-100-Interest-in-Revenue-Generating-Cointrader-net-Bitcoin-Exchange-CoinZe.html Newnote Financial Acquires 100% Interest in Revenue Generating Cointrader.net Bitcoin Exchange, CoinZero Point-of-Sale System and ATM Machines in London & Tokyo \| Kitco News] (Feb 6, 2020)</ref>

	<ref name="proactiveinvestors-42">[https://ca.proactiveinvestors.com/companies/news/105993/newnote-acquires-bitcoin-exchange-cointradernet-other-assets-for-c15-mln-60533.html Newnote acquires Bitcoin exchange Cointrader.net, other assets for C$1.5 mln \| CNSX:NEU] (Feb 6, 2020)</ref>		<ref name="proactiveinvestors-42">[https://ca.proactiveinvestors.com/companies/news/105993/newnote-acquires-bitcoin-exchange-cointradernet-other-assets-for-c15-mln-60533.html Newnote acquires Bitcoin exchange Cointrader.net, other assets for C$1.5 mln \| CNSX:NEU] (Feb 6, 2020)</ref>
			<ref name="pressreader-43">[https://www.pressreader.com/canada/stockwatch-daily/20170913/281526521219543 Newnote sued by CoinTrader.net customers] (Feb 6, 2020)</ref>
	<ref name="pressreader-43">[https://www.pressreader.com/canada/stockwatch-daily/20170913/281526521219543 Newnote sued by CoinTrader.net customers] (Feb 6, 2020)</ref></references>		</references>

Azoundria at 23:25, 29 February 2024

2024-02-29T23:25:09Z

← Older revision		Revision as of 17:25, 29 February 2024
Line 1:		Line 1:
	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}[[File:Cointrader.jpg\|thumb\|CoinTrader Logo/Homepage]]The details seem vague in this case. The company failed to complete an annual report for 2015. When it shut down in 2016, "an internal audit showed “a deficiency of bitcoin" in company wallets" which suggests improper storage and security practices. As of 2017, official statement was that NewNote owed nothing to creditors because the issue was with CoinTrader. Nobody knows the exact amount lost, however the company was purchased by NewNote for $1.5m.

	The details seem vague in this case. The company failed to complete an annual report for 2015. When it shut down in 2016, "an internal audit showed “a deficiency of bitcoin" in company wallets" which suggests improper storage and security practices. As of 2017, official statement was that NewNote owed nothing to creditors because the issue was with CoinTrader. Nobody knows the exact amount lost, however the company was purchased by NewNote for $1.5m.

	This exchange or platform is based in Canada, or the incident targeted people primarily in Canada.<ref name="ccn-30" /><ref name="newsdotbitcoin-31" /><ref name="webfilesthecse-32" /><ref name="coindesk-33" /><ref name="reddit-34" /><ref name="reddit-35" /><ref name="bitcointalk-36" /><ref name="financemagnates-37" /><ref name="gettyimages-38" /><ref name="bloomberg-39" /><ref name="airbitz-40" /><ref name="kitco-41" /><ref name="proactiveinvestors-42" /><ref name="pressreader-43" />		This exchange or platform is based in Canada, or the incident targeted people primarily in Canada.<ref name="ccn-30" /><ref name="newsdotbitcoin-31" /><ref name="webfilesthecse-32" /><ref name="coindesk-33" /><ref name="reddit-34" /><ref name="reddit-35" /><ref name="bitcointalk-36" /><ref name="financemagnates-37" /><ref name="gettyimages-38" /><ref name="bloomberg-39" /><ref name="airbitz-40" /><ref name="kitco-41" /><ref name="proactiveinvestors-42" /><ref name="pressreader-43" />

Azoundria at 23:24, 29 February 2024

2024-02-29T23:24:16Z

← Older revision		Revision as of 17:24, 29 February 2024
Line 1:		Line 1:
	{{~~Imported~~ Case Study ~~2\|source=https://www.quadrigainitiative.com/casestudy/cointradernewnoteshutsdown.php~~}}		{{Case Study Under Construction}}{{Unattributed Sources}}
	{{Unattributed Sources}}

	The details seem vague in this case. The company failed to complete an annual report for 2015. When it shut down in 2016, "an internal audit showed “a deficiency of bitcoin" in company wallets" which suggests improper storage and security practices. As of 2017, official statement was that NewNote owed nothing to creditors because the issue was with CoinTrader. Nobody knows the exact amount lost, however the company was purchased by NewNote for $1.5m.		The details seem vague in this case. The company failed to complete an annual report for 2015. When it shut down in 2016, "an internal audit showed “a deficiency of bitcoin" in company wallets" which suggests improper storage and security practices. As of 2017, official statement was that NewNote owed nothing to creditors because the issue was with CoinTrader. Nobody knows the exact amount lost, however the company was purchased by NewNote for $1.5m.
Line 7:		Line 6:

	== About CoinTrader.net ==		== About CoinTrader.net ==
	"~~In addition~~, the ~~Company has discontinued~~ the ~~Cointrader~~.net ~~Bitcoin Exchange effective immediately~~. ~~Rising maintenance costs~~ and ~~lower trading volume attributed to an increase in competitors within the Canadian market space have been factors in its closure~~. ~~Users of Cointrader~~.net ~~with balances remaining are being settled and accounts closed~~."		Cointrader.net was a Canadian bitcoin exchange platform<ref name=":0">[https://web.archive.org/web/20150127090729/https://www.cointrader.net/ CoinTrader Homepage Archive January 27th, 2015 2:07:29 AM MST] (Accessed Feb 29, 2024)</ref> which presented themselves as the world's premier Bitcoin exchange, driven by a team of Bitcoin enthusiasts, entrepreneurs, and engineers deeply invested in the future of cryptocurrency<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>. Their homepage emphasizes easy payments through solutions like Vogogo Interac and assures customers of security through measures such as Xapo-insured cold storage and CrowdCurity<ref name=":0">[https://web.archive.org/web/20150127090729/https://www.cointrader.net/ CoinTrader Homepage Archive January 27th, 2015 2:07:29 AM MST] (Accessed Feb 29, 2024)</ref>. The website provided a snapshot of the bitcoin market, displaying price trends and order book information<ref name=":0">[https://web.archive.org/web/20150127090729/https://www.cointrader.net/ CoinTrader Homepage Archive January 27th, 2015 2:07:29 AM MST] (Accessed Feb 29, 2024)</ref>. It also offers developer resources and funding options for users<ref name=":0">[https://web.archive.org/web/20150127090729/https://www.cointrader.net/ CoinTrader Homepage Archive January 27th, 2015 2:07:29 AM MST] (Accessed Feb 29, 2024)</ref>. Additionally, Cointrader.net provided access to FAQs and contact information for further inquiries, along with details on fees and legal policies<ref name=":0">[https://web.archive.org/web/20150127090729/https://www.cointrader.net/ CoinTrader Homepage Archive January 27th, 2015 2:07:29 AM MST] (Accessed Feb 29, 2024)</ref>.<blockquote>Cointrader.net is a meticulously engineered Bitcoin Exchange brought to you by the team that installed the world’s first Bitcoin ATM.</blockquote>Their journey into the Bitcoin industry began with local trades at small coffee shops, evolving into a brokerage in Downtown Vancouver, and culminating in the launch of the world's first Bitcoin ATM<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>. Cointrader.net aimed to bridge physical stores and ATMs worldwide with their online platform, leveraging strategic partnerships with top legal and financial professionals in Canada and securing banking partnerships in reputable jurisdictions<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>.

	~~“I had funds in~~ the ~~exchange~~ and ~~have been nagging Newnote repeatedly since it occurred~~. ~~Intermittently they respond~~, and ~~generally just blow me off~~. ~~If you read their ToS~~, ~~there's some verbiage that~~ (~~if upheld~~) ~~seems~~ to ~~indicate a 12-month~~ "~~limitation period~~" ~~on any claims -~~ the ~~deadline for which is rapidly approaching~~. ~~Possible they're trying to lay low~~ in ~~hopes~~ the ~~majority~~ of ~~users don~~'~~t do anything about it~~.”

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

	~~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~~.		As an online trading platform, Cointrader.net facilitates the exchange of bitcoins (BTC or XBT) for traditional currencies such as CAD and USD<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>. The company operates as a registered Canadian corporation, ensuring compliance with Canadian and international regulations<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>. Their core values revolve around security, affordability, and user-friendliness, with a commitment to providing the best possible Bitcoin exchange experience<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>. Cointrader.net encourages feedback and suggestions from users to continually improve their services, welcoming communication through their support email<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>.
	* 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~~:		The team behind Cointrader.net comprises individuals with diverse expertise and backgrounds<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>. Paul Szczesny, the founder, brings technical and economic prowess honed over a decade as a software engineer and involvement with Fortune 500 companies<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>. Jackson Warren contributes extensive domain knowledge in the Bitcoin industry and has established robust connections with entrepreneurs and businesses locally and internationally<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>. Cheyne Mackie, a successful entrepreneur and business manager, brings logistical and managerial acumen to the company. Mitchell Demeter rounds out the team with years of experience in business management and a track record of successful ventures, adding valuable insights to Cointrader.net's operations<ref name=":1">[https://web.archive.org/web/20150326230953/https://www.cointrader.net/the-worlds-best-bitcoin-exchange CoinTrader's About Page Archive March 26th, 2015 5:09:53 PM MDT] (Accessed Feb 29, 2024)</ref>.
	* 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 ==		== The Reality ==
Line 65:		Line 47:
	== Ultimate Outcome ==		== Ultimate Outcome ==
	What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?		What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

			"In addition, the Company has discontinued the Cointrader.net Bitcoin Exchange effective immediately. Rising maintenance costs and lower trading volume attributed to an increase in competitors within the Canadian market space have been factors in its closure. Users of Cointrader.net with balances remaining are being settled and accounts closed."

			“I had funds in the exchange and have been nagging Newnote repeatedly since it occurred. Intermittently they respond, and generally just blow me off. If you read their ToS, there's some verbiage that (if upheld) seems to indicate a 12-month "limitation period" on any claims - the deadline for which is rapidly approaching. Possible they're trying to lay low in hopes the majority of users don't do anything about it.”

	== Total Amount Recovered ==		== Total Amount Recovered ==