ICE3x, the South African cryptocurrency exchange that has been in business since 2013, has announced that it is liquidating the business.
ICE3x was one of the oldest cryptocurrency exchanges in South Africa and it was the first to be offered by the Ethereum-Rand trading pair. The stock exchange, however, did not attract trading volumes from rival platform Luno.
Luno has also been around since 2013, although it was launched as BitX and rebranded into Luno in 2017.
It is followed by the ICE3x shutdown reported that he did not have enough bitcoin and litecoin to cover the amount deposited by the users.
ICE3x suspended the withdrawal of bitcoin and litecoin, along with deposits and trading, on March 16, 2021, while investigating discrepancies on bitcoin and litecoin balances on the platform.
“After consulting and discussing with our partner Merkeleon.com and their subsidiary Coinspaid.com, we were unable to reach a satisfactory conclusion [to the investigation]”, ICE3x stated at the time.
On March 18, ICE3x reported its preliminary findings.
“We have now consolidated all the data received for the audit of bitcoin and litecoin transactions – deposits, payments and trades – with which we do not agree,” it is stated.
“Our preliminary findings indicate that we have a deficit for both bitcoin and litecoin and are reviewing trading history, deposits and withdrawals, as well as cold and hot wallet transaction reports.”
ICE3x said the process took longer than expected and that they entered additional accounting resources to help accomplish the task.
Although the withdrawal of bitcoin and litecoin has been suspended, all other withdrawals are still being processed, ICE3x said.
Last night, ICE3x announced that its trading platform will not be reopened.
“Currently, we have no pending withdrawal requests pending for any currency other than BTC and LTC,” it said. On March 31, he reported 31 resolutions of the withdrawal request.
ICE3x provided the helpdesk email address at a status page. He asked clients to be aware that staff are currently operating under extreme pressure and can only provide assistance as instructed.
“We understand your frustration, but be respectful when communicating with service staff,” the company requested.
“Don’t create more tickets or use more channels to make contact, because that only increases the load and the amount of tickets the team has to go through, which significantly delays operations.”
ICE3x said it will provide further details over time.
MyBroadband contacted ICE3x founder and CEO Gareth Grobler for comment, but he did not respond until the time of publication.