ICE3x, a South African cryptocurrency exchange that has been in existence since 2013, has announced it will be liquidating its business.
ICE3x was one of the oldest cryptocurrency exchanges in South Africa and was the offer an Ethereum rand trading pair first. However, the exchange did not attract the trading volume of the competing platform Luno.
Luno has also been around since 2013, although it was introduced as BitX and renamed Luno in 2017.
The shutdown of ICE3x takes place afterwards reported that there wasn’t enough Bitcoin and Litecoin to cover the amount deposited by users.
ICE3x suspended Bitcoin and Litecoin withdrawals, deposits and trading on March 16, 2021 while investigating inconsistencies in Bitcoin and Litecoin balances held on the platform.
“After consulting and consulting with our partner Merkeleon.com and its subsidiary Coinspaid.com, we were unable to achieve satisfactory results [to the investigation]”ICE3x explained at the time.
On March 18, ICE3x reported its preliminary results.
“We have now collected all the data we received to check Bitcoin and Litecoin transactions – deposits, withdrawals and trades – with which we do not agree,” it says.
“Our preliminary results show that we have a shortage with both Bitcoin and Litecoin. We are reviewing trade, deposit and withdrawal history and transaction reports for both cold and hot wallets.”
ICE3x said the process took longer than expected and that additional accounting resources had been allocated to support the task.
While Bitcoin and Litecoin withdrawals were on hold, all other withdrawals were still being processed, ICE3x said.
Last night, ICE3x announced that its trading platform will not reopen.
“There are currently no withdrawal requests for currencies other than BTC and LTC pending,” it said. As of March 31, 31 pending redemption requests were reported.
ICE3x provided a help desk email address on a Status page. Customers were asked to be aware that employees are currently under extreme pressure and can only provide assistance when instructed.
“We understand your frustration, but please be respectful when communicating with the service desk staff,” the company asked.
“Please do not create multiple tickets or use multiple channels to get in touch, as this will only add to the workload and the number of tickets the team has to go through, which significantly delays operations.”
ICE3x said it will provide more details in due course.
MyBroadband reached out to ICE3x founder and director Gareth Grobler for comment, but did not respond at the time of publication.
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