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.”