Another Crypto Exchange Gone, But for a Different Reason
In recent months, we have witnessed a bundle of cryptocurrency exchanges falling under or suffering from severe attacks and thefts. It’s no secret that cryptocurrency exchanges aren’t the safest places to hold your funds, which is evident with the regular drama the crypto sector faces with regard to exchanges.
This week, the second-largest polish crypto exchange, BitMarket, announced its unexpected closure to users. Anyone trying to use the Website is greeted with a blank page and the following message:
“Dear Users, We regret to inform you about the loss of liquidity, since 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.” – BitMarket
Taking down the Website’s homepage and replacing it with a vague message seems to be a common occurrence when exchanges abruptly close. Cryptopia did a similar stunt after being compromised earlier this year (their Website is still down)!
It’s important to note that the reason for closure is due to “loss of liquidity,” not a breach of security (as far as we know at the time of writing). There’s also no information about whether or not the Eastern European exchange will refund its users.
Foul Play (Again)?
Information from cryptocurrency statistic Website CoinMarketCap did previously show low trading volume from the exchange of less than $1 million in the days leading up to the closure, and as always, the cryptocurrency community remains as diligent as we’ve all come to expect…
Claims are surfacing of foul play in the lead up to the unexpected closure. Users were required to change passwords and API keys with no official reason given, along with other suspicious “red flags” arising at the same time.
Whatever the reason is behind the exchange’s sudden departure, it once again reinforces the importance of safe storage of your digital currencies. Remember that world-leading exchange Binance was compromised a few weeks ago, so no exchange is safe.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.