Cubits announces administration process

Posted 12 December, 2018

On December 11, UK's Cubits crypto payment company has announced the appointment of the administrators. 

The company posted the press release on its website saying that it has submitted an application for the administration, which will represent Cubits' creditors and mean the start of the business insolvency process. 

Earlier, Dooga, the owner of the Cubits service, reported about the EUR 29 million loss in bitcoins in February 2018, citing that was the result of the plotters' actions. 

"Dooga was the victim of a serious criminal act, perpetrated from outside the organisation, which has critically impacted its business and finally led to the difficult decision to place the company into Administration," as the press release reads.

According to the company statement, the administrators will be representatives of Opus Business Services Group Steve Parker and Trevor Binyon. This move is said to be the common decision in case of an insolvency.

The company explained:

"The role of the Administrators will be to work with those who are owed money by the Company and to collect monies that are owed. The key objective is to achieve the best possible outcome for creditors and recover as much as possible of the funds owed to the Company."

As Dooga stated, they have been struggling to get the funds back, though without any luck. Notably, it was discovered that Dooga's payment coordinator Eloise Debono seemed to be involved with the pyramid scheme OneCoin.

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12 December, 2018 18:10

← Kraken platform said to float private offering

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Kraken platform said to float private offering

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12 December, 2018 13:43

Gibraltar Blockchain Exchange to provide crypto insurance service →

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