TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentral TechCentral
    NEWSLETTER
    • News

      New Openview channels coming as platform turns profitable

      27 May 2022

      Wapa’s Paul Colmer on why Icasa should open up 6GHz for Wi-Fi

      27 May 2022

      How Broadcom’s blockbuster VMware deal happened

      27 May 2022

      The cost for South Africa to quit its coal habit: R4-trillion – study

      26 May 2022

      Apple is feeling the smartphone industry chill

      26 May 2022
    • World

      Musk sued by Twitter investors for stock ‘manipulation’

      27 May 2022

      Broadcom agrees to buy VMware for $61-billion

      26 May 2022

      Musk pledges more equity to fund Twitter deal

      26 May 2022

      Sony looks beyond the console to PC and mobile gaming

      26 May 2022

      Andreessen Horowitz raises world’s largest crypto fund

      26 May 2022
    • In-depth

      Bernie Fanaroff – the scientist who put African astronomy on the map

      23 May 2022

      Chip giant ASML places big bets on a tiny future

      20 May 2022

      Elon Musk is becoming like Henry Ford – and that’s not a good thing

      17 May 2022

      Stablecoins wend wobbly way into the unknown

      17 May 2022

      The standard model of particle physics may be broken

      11 May 2022
    • Podcasts

      Spectrum auction opens up big growth opportunities – Ruckus Networks

      26 May 2022

      Everything PC S01E03 – ‘The story of Intel – part 1’

      25 May 2022

      The rewarding and lucrative careers to be had in infosec

      23 May 2022

      Dean Broadley on why product design at Yoco is an evolving art

      18 May 2022

      Everything PC S01E02 – ‘AMD: Ryzen from the dead – part 2’

      17 May 2022
    • Opinion

      A proposed solution to crypto’s stablecoin problem

      19 May 2022

      From spectrum to roads, why fixing SA’s problems is an uphill battle

      19 April 2022

      How AI is being deployed in the fight against cybercriminals

      8 April 2022

      Cash is still king … but not for much longer

      31 March 2022

      Icasa on the role of TV white spaces and dynamic spectrum access

      31 March 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Sections»Cryptocurrencies»Clients fear losses as local crypto exchange iCE3 faces liquidation

    Clients fear losses as local crypto exchange iCE3 faces liquidation

    Cryptocurrencies By Ciaran Ryan8 April 2021
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    Crypto exchange iCE3 posted an announcement on Monday that it had been “advised to initiate liquidation proceedings” after suspending all trading on the exchange in March following the discovery of account discrepancies.

    It has also suspended the withdrawal of client funds. This comes just a week after informing clients that it would process withdrawal requests for all cryptos and rands, with the exception of bitcoin and litecoin.

    Several iCE3 clients said their requests for withdrawals have not been processed. On Monday, they were greeted with a terse announcement that the company would suspend all withdrawals and initiate liquidation proceedings.

    Until Monday, I was receiving communications from the company and was told my request for withdrawal was in the queue. Then suddenly things went quiet…

    It remains unclear why all but bitcoin and litecoin withdrawal requests were processed, as these are likely to make up the bulk of cryptos held in client accounts on the exchange.

    One iCE3 client, who asked not to be named, said he has been trying for several weeks to withdraw his crypto, to no avail. “Until Monday, I was receiving communications from the company and was told my request for withdrawal was in the queue. Then suddenly things went quiet when the company posted a message saying that withdrawals had been suspended and the company was going to be put in liquidation.

    “I’m worried that I am going to lose what I have built up in my account.”

    ‘Abdicated their responsibility’

    iCE3 removed its Facebook presence, resulting in clients launching their own Facebook page to post updates and share information. “Since the ICE3x management have abdicated their responsibility in managing the narrative around this issue, this page has been created as a hub for people to share strategies about the way forward and status updates around the problems we face with the failures at their exchange,” says the welcome message on Facebook.

    iCE3 founder Gareth Grobler did not reply to questions seeking clarification by the time of publication.

    Though iCE3 is reckoned to have about 80 000 client accounts, a small percentage of these are active, making it a relatively minor player in the local crypto space.

    The reasons given for the suspension of trading on the exchange in March were an apparent dispute with Austrian technology partner Merkeleon.com and its subsidiary Coinspaid.com.

    The company appears to have harmed itself with its public admission in March of account “discrepancies in the balances pertaining to bitcoin and litecoin” — prompting a rush by clients for the exit door.

    The statement by iCE3 in March reads: “On the advice of our legal and auditing team, we have suspended all deposits and trading. Furthermore, we have suspended BTC (bitcoin) and LTC (litecoin) withdrawals with immediate effect, pending the outcome of a full investigation and reconciliation. This is being done for the protection of all clients.”

    It is obviously very unfortunate to hear of the closure and liquidation of any crypto exchange… I hope that a favourable resolution can be found

    iCE3 clients whose funds have not been paid out are now concerned that their fate lies in the hands of the liquidators, and it may take years before they know whether they will receive anything back.

    iCE3 was established in 2013 and was one of the oldest exchanges in the country. The failure of a crypto exchange in a sector endeavouring to build public trust has been met with alarm by some in the industry.

    “It is obviously very unfortunate to hear of the closure and liquidation of any crypto exchange,” says Farzam Ehsani, founder and CEO of crypto exchange VALR. “I’m not aware of the details of what has happened, but I hope that a favourable resolution can be found for all parties involved.”

    • This is a developing story
    • This article was originally published on Moneyweb and is used here with permission

    Now read: South African firms start investing their cash in bitcoin

    Bitcoin Farzam Ehsani Gareth Grobler iCE3 litecoin top VALR
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleMacBook, iPad production delayed as supply crunch hits Apple
    Next Article Icasa to collaborate with the US FCC on telecoms policy

    Related Posts

    New Openview channels coming as platform turns profitable

    27 May 2022

    Wapa’s Paul Colmer on why Icasa should open up 6GHz for Wi-Fi

    27 May 2022

    Musk sued by Twitter investors for stock ‘manipulation’

    27 May 2022
    Add A Comment

    Comments are closed.

    Promoted

    Financial advisers: manage your commission and analyse revenue effortlessly

    27 May 2022

    BT, MTN Business form strategic alliance in Africa

    26 May 2022

    Think like a start-up: how to build a competitive digital enterprise

    26 May 2022
    Opinion

    A proposed solution to crypto’s stablecoin problem

    19 May 2022

    From spectrum to roads, why fixing SA’s problems is an uphill battle

    19 April 2022

    How AI is being deployed in the fight against cybercriminals

    8 April 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.