We initiated the second phase of the takeover process earlier this week involving a full-scale audit of the platform and all wallets, user balances and trading histories — after completing the due legal processes in the first phase. These are crucial from the technology and regulatory compliance aspects, respectively.

What we have learned through this process is there are several discrepancies in the platform, mainly resulting out of mismanagement.

The exchange has undergone several changes in the form of patchwork done on the original platform which was acquired over a year ago from yet another third party.

The codebase and supporting data are currently being reviewed thoroughly as we begin work on putting the house back in order. Further in-depth audit of user accounts is also required which will allow us to honour your withdrawals as quickly and seamlessly as possible in the coming days.