ICE3x, a South African cryptocurrency alternate that has operated since 2013, has introduced that it’s liquidating the enterprise.
ICE3x was one in every of South Africa’s oldest cryptocurrency exchanges and was the first to offer an Ethereum-Rand trading pair. The alternate, 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 associate Merkeleon.com and their subsidiary Coinspaid.com, we now 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.
“Now we have now collated all the info obtained to audit bitcoin and litecoin transactions – deposits, withdrawals & trades – with which we don’t agree,” it acknowledged.
“Our preliminary findings point out that we now 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 extra 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 night time, ICE3x introduced that its buying and selling platform wouldn’t be reopened.
“We at the moment don’t have any withdrawal requests pending for any currencies aside from BTC and LTC,” it acknowledged. On 31 March, it reported 31 pending withdrawal requests.
ICE3x supplied a assist desk e-mail deal with on a status page. It requested purchasers to be aware that workers are working underneath excessive strain in the intervening time and might 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 group must undergo, which delays the operations considerably.”
ICE3x mentioned it would present additional particulars in the end.
MyBroadband contacted ICE3x founder and director Gareth Grobler for remark, however he didn’t reply by the point of publication.