BTCXchange bites the dust just one month after being put up for sale
Bitcoin exchange BTCXchange, based in Romania, had been looking for a suitable acquirer since August 18. Just less than one month afterwards, it has closed down completely after asking clients to withdraw their funds earlier this month
Bitcoin is a paradox.
On one hand, there is the virtual currency aspect, which has been the subject of exchange demises such as that of MtGox, e-wallet hacks which have effectively robbed investors of their Bitcoins such as that of Bitfinex just recently, and arrests of operators of ‘dark web’ anonymous market places for illicit dealings.
On the other hand, the inseparable blockchain database technology on which Bitcoin’s topography is inexorably rooted is the darling of the institutional technology, management consultancy and banking world, with hundreds of millions of venture capital being poured into its development so that it can power and automate the procedures within the world’s largest financial institutions in the future.
Today, however, represents another dark day for the Bitcoin exchange sector as Romania’s BTCXchange has collapsed just one month after being put on the market to be acquired.
BTCXchange closed on Monday following its inability to find a buyer, which is just less than a month after it was placed up for sale on August 18 this year.
On September 4 this year, BTCXchange sent a notification to its customers asking them to withdraw all of their funds from the exchange, following that up less than one week later on September 9 to remind any remaining customers to withdraw their remaining balances.
BTCXchange is almost three years old, having been established in 2013, however in 2014 the exchange closed for a few months as a result of what was at the time considered to be a dispute between Horea Vuscan, the founder of BTCXchange and the chief programmer.
In the summer of last year, BTCXchange was reopened, this time on a completely new platform.
The decision to close the firm completely is as yet unknown, however it is worthy of an estimate that if it closed just one month after attempting to sell, it is likely that it was no longer generating revenues.