Dragon Payments Ltd., a crypto exchange platform based in the UK, is undergoing forced liquidation.

Dragon Payments disappears from the market

In a statement published on its website, the exchange, formerly known as the London Block Exchange (LBX), informed customers about the forced liquidation. According to the announcement, London officials David Rubin i coowners will be responsible for overseeing the liquidation process:

“The liquidators and their team are working to resolve clients’ problems, including recovering any amounts due to them (…). We will make every effort to make the next update available as soon as possible.

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Although no details of the financial status of the stock exchange were given, there is much to suggest that the stock exchange has had considerable problems in this area. Forced liquidation takes place in the UK when a company is unable to pay its debts.

The company wanted to bring its own stablecoin to the market earlier, which would be supported by sterling.

The Italian stock exchange is collapsing

dragon paymentsIt’s not the end of this kind of information from the cryptic market. We also know that the Italian Altsbit exchange is disappearing from the market. But in this case, the reason for the collapse is a hacker attack. The company first admitted that it was attacked by hackers in early February. Already on February 9th it issued withdrawal instructions for its clients. According to the platform’s statement, Altsbit lost about 6.92 Bitcoins (BTC) and 23 Ether Tokens (ETH) as a result of cybercrime activities. In addition, other lesser known cryptos such as Pirate Chain (ARRR), VerusCoin (VRSC) and Komodo (KMD).

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It is optimistic that a significant part of Altsbit funds was stored in cold wallets. This is the only way the company will now return the lost funds to its existing customers:

“Returns will begin on 10 February 2020 and end on 8 May 2020. After that date, it will no longer be possible to request a refund because the Altsbit platform will be closed.”

In total, the company lost cryptocurrencies worth about $70,000. That’s not much if you look at the Coincheck affair, for example, which lost more than $500 million in the 2018 hacking. Despite this, the Italian stock exchange decided to disappear from the market.

Travon Temple
Witold Adruszczak CEO of the Bitcoin-Squad.com project for 3 years associated with the crypto industry. This year we have decided on an international project. Our goal is to build Bitcoin awareness in the world. Education and support for people with no experience in the new industry which are cryptocurrencies. If you need more support please write in the comment. For all I always try to answer questions under the articles.