Home Litecoin One of South Africa’s oldest cryptocurrency exchanges shuts down

One of South Africa’s oldest cryptocurrency exchanges shuts down

5 min read

ICE3x, a South African cryptocurrency trade that has operated since 2013, has introduced that it’s liquidating the enterprise.

ICE3x was one among South Africa’s oldest cryptocurrency exchanges and was the first to offer an Ethereum-Rand trading pair.  The trade, nevertheless, didn’t appeal to the buying and selling volumes of rival platform Luno.

Luno has additionally been round since 2013, although it launched as BitX and rebranded to Luno in 2017.

The shutdown of ICE3x comes after it reported that it didn’t have sufficient bitcoin and litecoin to cowl the quantity deposited by customers.

ICE3x suspended bitcoin and litecoin withdrawals, along with deposits and buying and selling, on 16 March 2021 whereas it investigated discrepancies within the bitcoin and litecoin balances held on the platform.

“After session and deliberation with our companion Merkeleon.com and their subsidiary Coinspaid.com, now we have not been capable of attain a passable conclusion [to the investigation],” ICE3x acknowledged on the time.

On 18 March, ICE3x reported its preliminary findings.

“We have now now collated all the information acquired to audit bitcoin and litecoin transactions – deposits, withdrawals & trades – with which we don’t agree,” it acknowledged.

“Our preliminary findings point out that now we have a scarcity for each bitcoin and litecoin and we’re reviewing the buying and selling, deposits and withdrawals historical past in addition to cold and warm pockets transaction experiences.”

ICE3x mentioned that the method took longer than anticipated and that they introduced in further accounting assets to assist with the duty.

Whereas bitcoin and litecoin withdrawals have been suspended, all different withdrawals have been nonetheless being processed, ICE3x mentioned.

Final evening, ICE3x introduced that its buying and selling platform wouldn’t be reopened.

“We presently haven’t any withdrawal requests pending for any currencies aside from BTC and LTC,” it acknowledged. On 31 March, it reported 31 pending withdrawal requests.

ICE3x offered a assist desk electronic mail deal with on a status page. It requested shoppers to be acutely aware that workers are working underneath excessive stress in the intervening time and may solely present help as directed.

“We perceive your frustration however please be respectful when speaking with service desk workers,” the corporate requested.

“Please don’t create a number of tickets or make use of a number of channels to make contact as this solely will increase the workload and quantity of tickets the crew must undergo, which delays the operations considerably.”

ICE3x mentioned it is going to present additional particulars sooner or later.

MyBroadband contacted ICE3x founder and director Gareth Grobler for remark, however he didn’t reply by the point of publication.

Now learn: Bitcoin worth R1 billion recovered from Mirror Trading International broker

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