BitQuick Shuts Down And Looks For New Management After Security Breach

Rather shocking news was posted by BitQuick not too long ago after their platform had come under attack by assailants a few days ago. Although the company claims no user funds has been stolen during the attack, security of the exchange has been compromised. Right now, there is no indication whether or not the company will ever return online as rumours are circulating BitQuick is up for sale right now.

Also read: Blockchain Bitcoin wallet introduces dynamic transaction fees

Game Over For BitQuick?

TheMerkle_Security Breach BitQuick

When BitQuick announced the security breach on Twitter, Bitcoin community members started panicking immediately. Every time an exchange platform is breached, funds is stolen somehow. For now, the exchange team claims no funds have been stolen, yet they will also keep the platform offline for an indeterminable amount of time.

However, with the platform being taken offline, users cannot access their funds for withdrawal either. Although emails can be sent to the dedicated email address, getting a response may be a bit of a struggle right now as plenty of people will be inquiring about their funds and how to get it out of the exchange’s wallets.

Granted, the announcement mentions how the BitQuick team will be working on restoring access to funds as for the time being, but the recent security breach is putting things into a different perspective. After the elation of surpassing US$1.5m in 30-day trading volume last week, this reality check couldn’t come at a worse time.

For the time being, the team is investigating the full extent of this breach, a process that can take up to four weeks to complete. It is important for customers and staff to patch this vulnerability as quickly as possible and conduct the proper security audits before opening up the platform to the public again.

But that is not the only source of concern for BitQuick users, as company officials have published an announcement which seems to hint at a sale of the platform. Considering how users are still waiting to get their funds out, making such decisions seems premature, and will cause a lot of speculation and frustration among the Bitcoin community.

Based on the information provided in the announcement BitQuick is looking for new management due to “personal reasons”. It seems rather odd this suddenly decision occurs after a major security breach of the Bitcoin exchange platform, but stranger things have happened in the past.

Source: Google Docs

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4 Comments

  1. JamesCef January 13, 2021
  2. JamesFieds January 14, 2021
  3. JamesFieds January 15, 2021
  4. Lesternep January 19, 2021

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