Gatecoin Enters Liquidation - Revision history

Azoundria at 18:59, 1 May 2023

2023-05-01T18:59:14Z

← Older revision		Revision as of 12:59, 1 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/gatecoinentersliquidation.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/gatecoinentersliquidation.php}}
	{{Unattributed Sources}}		{{Unattributed Sources}}

	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.		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.

	This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.		This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.<ref name="theblockcrypto-22" /><ref name="bitcoinexchangeguide-218" />
	<ref name="theblockcrypto-22" /><ref name="bitcoinexchangeguide-218" />

	== About Gatecoin ==		== About Gatecoin ==
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	!Description		!Description
	\|-		\|-
	\|March 1st, 2019 12:01:17 AM		\|March 1st, 2019 12:01:17 AM MST
	\|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="theblockcrypto-22">[https://www.theblockcrypto.com/linked/16015/gatecoin-shuts-down-goes-into-liquidation-on-courts-orders Gatecoin shuts down, goes into liquidation on court's orders - The Block] (Feb 3, 2020)</ref>		<references><ref name="theblockcrypto-22">[https://www.theblockcrypto.com/linked/16015/gatecoin-shuts-down-goes-into-liquidation-on-courts-orders Gatecoin shuts down, goes into liquidation on court's orders - The Block] (Feb 4, 2020)</ref>

	<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref></references>		<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref></references>

Azoundria at 05:59, 21 February 2023

2023-02-21T05:59:29Z

← Older revision		Revision as of 23:59, 20 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/gatecoinentersliquidation.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/gatecoinentersliquidation.php}}
			{{Unattributed Sources}}

	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.		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.

	This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.		This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.
			<ref name="theblockcrypto-22" /><ref name="bitcoinexchangeguide-218" />

	== About Gatecoin ==		== About Gatecoin ==
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	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.
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	\|-		\|-
	\|March 1st, 2019 12:01:17 AM		\|March 1st, 2019 12:01:17 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.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== 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?
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	== References ==		== References ==
	[https://www.theblockcrypto.com/linked/16015/gatecoin-shuts-down-goes-into-liquidation-on-courts-orders Gatecoin shuts down, goes into liquidation on court's orders - The Block] (Feb 3)		<references><ref name="theblockcrypto-22">[https://www.theblockcrypto.com/linked/16015/gatecoin-shuts-down-goes-into-liquidation-on-courts-orders Gatecoin shuts down, goes into liquidation on court's orders - The Block] (Feb 3, 2020)</ref>

	[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 4)		<ref name="bitcoinexchangeguide-218">[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 5, 2020)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/gatecoinentersliquidation.php}} 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. This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong. == About Gatecoin == “One of the first regulated cryptocurrency exchang..."

2023-01-24T23:32:36Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/gatecoinentersliquidation.php}} 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. This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong. == About Gatecoin == “One of the first regulated cryptocurrency exchang..."

New page

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

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.

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

== About Gatecoin ==
“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.”

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

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 - Gatecoin Enters Liquidation
!Date
!Event
!Description
|-
|March 1st, 2019 12:01:17 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.theblockcrypto.com/linked/16015/gatecoin-shuts-down-goes-into-liquidation-on-courts-orders Gatecoin shuts down, goes into liquidation on court's orders - The Block] (Feb 3)

[https://bitcoinexchangeguide.com/bitcoin/scams-hacks/ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com] (Mar 4)