RATE Group | Cryptocurrency Exchange Cubits Shuts Down After $33M Scam
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Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

15 Dec Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Posted at 07:56h in Cryptocurrency News by

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U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Exchanges

Cubits, a London-based digital asset trading platform, has been forced into administration after fraudsters reportedly stole €29 million (about $32.5 million) from the exchange in February. The company claimed “it fell victim” to an elaborate scam orchestrated in collusion with three of its clients. 

Also read: Former Mt. Gox CEO Could Face 10 Years in Jail Over Embezzlement

Exchange Enters Into Voluntary Administration

The administration means that investors cannot deposit or withdraw funds until further notice. It’s not clear how much worth of bitcoin the exchange was holding on behalf of customers at the time of closure.

Cubits has now appointed Steve Parker and Trevor Binyon of Opus Restructuring & Insolvency as joint administrators….

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