Document reveals Gatecoin has begun its liquidation process

Gatecoin, a Hong Kong-based cryptocurrency exchange that was hacked in 2016 has started its liquidation process, according to a document received by The Block. In May 2016, the exchange announced that a hacker was able to "alter" its security system, stealing 185,000 ETH and 250 BTC in the process. At that time, this was equivalent to a loss of $2 million. Based on current prices, this is closer to $26 million.

Representatives from Hong Kong law firm Borrelli Walsh were appointed by the High Court of Hong Kong Special Administrative Region as Gatecoin's official liquidators. According to the document, the "responsibilities of the Liquidators include identifying, taking control of, securing and realising the assets of Gatecoin and to carry out such investigations as the Liquidators may consider appropriate."