Cubits exchange shuts down & withholds users' funds

posted 6 months ago
Anger continues to engulf cryptocurrency trading platform Cubits after executives suddenly announced the company was bankrupt, blocking all user funds. In a Facebook press release dated December 11th, the UK-based trading platform Cubits, claimed “collusion” which resulted in a “criminal act” involving the loss of $33 million, in February 2018 had forced it to shut down.

On December 11th, officials had told users on Twitter that Cubits was undergoing “maintenance” and would “be right back.” User’s have complained that Cubits was holding their money. Notably, the company’s payments coordinator Eloise Debono is an advocate of OneCoin, a defunct Ponzi scheme, which has attracted warnings from multiple countries’ authorities over illicit practices.

The COO, listed on LinkedIn as Cubits’ “head of crypto business,” left in November, weeks before users began to complain about withdrawal and funds access problems. Lastly, the company’s administrators said “Our goal is to achieve the best outcome for creditors generally at the earliest possible date.”
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