Crypto Exchange Gatecoin Forced to Liquidate with Alleged Issues with Partnering Bank
[ChainDD report] March 15 (ChainDD) Hong Kong-based cryptocurrency exchange Gatecoin announced that on March 13, a court issued a winding-up order and appointed a provisional liquidator, so the company has to terminate its operation immediately.
Gatecoin said that following its issues with banking partners in September 2018, it began to work with a Payment Service Provider (PSP) fully regulated by the French regulator. However, the PSP failed to process most of the transfer timely, which in turn almost paralyzed our operation for many months and caused substantial loss to an extent that it can no longer afford its operation.
ChainDD noted that due to the hack incident its online wallets suffered in May 2016, Gatecoin had lost 250 Bitcoin (BTC) and 185,000 Ether (ETH), with a total worth of more than $250,000 by current market price.