Gatecoin, the Hong Kong-based cryptocurrency exchange, has provided new updates on ETH fundraising and technology team recruitment, following the hot wallet breach in which it lost ETH 185,000 and BTC 250 (which is equivalent to USD 2 million).

Within a few days of the breach, Gatecoin launched the withdrawal platform allowing clients to withdraw their funds in BTC, DGD, DAO, HKD, USD and EUR.

In a recent blog post CEO Aurélien Menant said that with regard to ETH withdrawals, the team is getting closer to a solution that will enable it to reimburse the stolen funds in full. Without disclosing much detail, Menant said they are working to provide a solution within the next few weeks.

Menant further said that currently they have several fund raising channels including equity investment, debenture investment and profits from block trades.

“We have confirmed our first major commitment from an investor and currently working to close the deal”, said Menant. “Discussions are still ongoing with several other potential investors, which are taking longer than expected, as they understandably need to conduct additional due diligence.”

He further added that Gatecoin is working on closing several block trade deals that will enable it to reimburse a “sizable share” of the stolen funds. Gatecoin has received small debenture investment offer and is open to more such offers.

While the exact date of the relaunch of the platform still remains unclear, Menant said that the exchange could be operational by late July.

“We are starting to recruit talent to replace the two technology team members that we terminated and we intend to relaunch the exchange by the end of July”, Menant said.