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Detail Analysis

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Date:

Status:

Count:

Contributor:

July 8, 2019

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Verified

1

zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

23,000,000

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Recovered Amount:

-

Currency:

Dollars, BTC

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Exchange

Assets

Liquidity Management

Extended Method:

Insufficient liquidity and reserve

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On July 8, the Polish-based exchange Bitmarket abruptly shut down due to liquidity issues. The shutdown allegedly cost users a total of 2300 bitcoin (approximately $23 million) according to Polish prosecutors. The exchange’s official site was replaced with the following message: “We regret to inform you that due to the loss of liquidity, from 08/07/2019, Bitmarket.pl/net was forced to cease its operations. We will inform you about further steps.” Two weeks later, one of the exchange's co-owners was found shot dead. Loss of 2300 BTc or $23 million.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.