Hong Kong's Cryptocurrency Exchange, Gatecoin, Officially Starts Liquidation Process

Two years ago, in May of 2016, one of Hong Kong’s cryptocurrency exchange firms publicly disclosed that it was the target of a carefully planned hack.

Gatecoin, the exchange, was so badly hit that it lost ETH 185,000 and BTC 250 which was worth $2 million. Now, this figure is over $25 million when adjusted to fit the currently obtainable value of crypto.

Consequently, according to a recent document by Borrelli Walsh – a leading restructuring, insolvency and forensic accounting and law firm -, Gatecoin has now begun its liquidation process.

Specifics of the Document

According to the document, two representatives from Borrelli Walsh were selected by the High Court of Hong Kong Special Administrative Region to serve as liquidators in the process.

This means that these selected people now have authority over the process. Explaining this, the document revealed that:

“Upon the appointment of the Liquidators, 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. All dealings in the affairs of Gatecoin must now be authorised by one of the Liquidators or their authorised representatives.”

The document also explains that these liquidators are responsible for “identifying, taking control of, securing and realising the assets of Gatecoin and to carry out such investigations as the Liquidators may consider appropriate.”

Bitcoin, BCH, Ethereum, and Litecoin Price Prediction: Today's Top Crypto Forecast Analysis

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Tolu
Tolu
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify bitcoin stories to the bare basics so that anyone anywhere can understand without too much background knowledge and add in social research and feedback insights. When he's not neck-deep in crypto news, Tolu enjoys music, loves signing and is an avid movie lover.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,482FansLike
2,795FollowersFollow
4,266FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

Coinbase Wallet Targeted by New Trojan Malware Dubbed ‘Alien’

The Coinbase wallet is among 226 Android applications targeted by a recently discovered Trojan dubbed ‘Alien.’ This malware mostly targets the financial services space...

Barstool Sports Dave Portnoy Sold $1.25M Worth of his Bitcoin Stash But He Will Be Back

After buying the top and selling the bottom, Barstool Sports Dave Portnoy appeared on Anthony Pompliano’s podcast on “The Pomp Podcast” to discuss bitcoin...

Over 100 Million Unique Users in the Crypto Ecosystem; University of Cambridge Digital Asset Study

The 3rd Global CryptoAsset Benchmarking Study, an initiative by Cambridge researchers to analyze the developing growth of the industry, has estimated that over 100...

DeFi Protocol Synthetix Upgrading to L2 Scaling to Alleviate Gas Costs for Small SNX Stakers

Popular on-chain synthetic assets protocol, Synthetix is in the first phase of its transition to Optimistic Ethereum, a layer two scalability solution for the...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today