Crypto Platform Cubits Begins Insolvency Procedure After Alleged Hack, Locks Users’ Funds

United Kingdom-based cryptocurrency payment platform Cubits has filed for administration following a sudden outage that locked customer funds, a company press release revealed Dec. 11. The act of filing for administration means that an insolvent company has appointed an external administrator in order to act of behalf of its creditors. Cubits, the trading name of legal entity Dooga Ltd., claimed it had lost funds worth €29 million ($32.8 million) to “fraudsters” in February 2018 that it was unable to reclaim. Now, Dooga has brought in administrators “to work with those…