Gatecoin Is Still Securing Funding To Reimburse Clients

Gatecoin, the regulated digital asset exchange, issued an email statement to all their customers, in the message, the company disclosed the latest news regarding their attempt to secure funding to cover the losses the company and its users suffered after a hack.

The Hong-Kong-based company sent a newsletter to all its costumers at 12:00 pm HKT (+8 UTC), the email details the company’s latest efforts to reimburse their clients after a hacking incident that resulted in the loss of more than 185,000 ether.

Aurélien Menant, Gatecoin’s CEO said:

We appreciate the concerns from our clients and the community about the status of ETH withdrawals and want to assure everyone that each day we are getting closer to a solution that will enable us to reimburse the stolen funds in full.

The company opened three funding channels detailed in the email, the first is Equity Investment, The company has successfully reached a major agreement with an undisclosed investor, which will bring money in exchange of Gatecoin’s shares.

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On the other hand, Debenture investments have not turned out to be a major source of funding for the company, Gatecoin said that they have only received small investment offers, but they are still open to any interest in further participation.

The company said that they are currently working on closing several block trade deals that will allow a reimbursement of a sizable share of the stolen funds. Block trades are privately negotiated transactions between interested parties, its has been suggested that the amount of ether that Gatecoin has to purchase (185,000 ETH) to cover customer’s funds will have an important impact on the exchange rate of the cryptocurrency.

As a final note, Gatecoin said that they are recruiting new talent to cover for two fired technology team members which, according to Gatecoin, were the one’s responsible for the breach. The company has plans to re-launch the exchange by the end of July.

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Eduardo Gómez

Eduardo Gómez is a Computer Science Major from Venezuela, a country with a loyal Bitcoin user base. He discovered Bitcoin in 2012 and now he use it to escape the triple-digit inflation that Venezuela suffers, he is focusing on developing a writing career, and he tries to keep up with the news in FinTech and Blockchain Technologies.

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