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Cointrader Shuts Down!


Cointrader Shuts Down!

In recent news, the Canadian based Bitcoin exchange, Cointrader, was shutdown earlier this week due to an uncontrollable hack.  Cointrader’s notice posted saying it is closing immediately to sustain the damages done.  Emails  were sent to registered users and also posts on social media accounts claimed that their internal audit determined  there was a deficiency in the reserve of Bitcoin.


Developers are investigating the issues to understand what had happened and how their security measures were compromised.  The low reserve caused slow withdrawals, and also lead to low trading volume.  Within 6 months, Cointrader’s volume had only see about 81 BTC.


The question of whether or not this was an internal hack or from a 3rd party, similar incidents have happened before with MtGox and Cryptsy.  However, This is not the first time Cointraders experience a financial problem.  In early 2014, the corporate bank accounts were frozen by Bank of Montreal.  Action took place and was blamed due to restrictive policies against crpytocurrency, common in this time period, and the Canadian government.  Bank of Montreal has not supported blockchain technology through the R3CEV-led consortium.

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