🔒 Crypto platform Cubits begins insolvency procedure after alleged hack, locks users’ funds

U.K. based crypto startup Cubits has filed for administration following a sudden outage that locked customer funds. The project claims that it had lost $32.8 million to fraudsters in February and was unable to recover those funds. That loss stems from a group of traders that purchased bitcoin ($BTC) on the Cubits platform and allegedly never paid the fiat balance due for the trade. Now the appointed administrators will be responsible for working with creditors in an attempt to pay back lost funds.