South African crypto exchange ICE3X shut down

After disabling withdrawals for BTC and LTC last month, the exchange has just announced they are shutting down.

It all started on March 16th, when DC Grobler from ICE3X announced they would pause all BTC and LTC withdrawals. The reason for this being discrepancies in the balances of bitcoin and litecoin on the platform.

After consulting their auditors, it was decided to pause all deposits and trading and temporarily disabled automated bitcoin and litecoin withdrawals. All other currencies supported on the platform were still free to withdraw – although DC Grobler advised those users to withdraw anyways.

Since then, the exchange posted multiple updates on their status page to keep stakeholders up to date.

On March 18th they announce:

Our preliminary findings indicate that we have a shortage for both bitcoin and litecoin and we are reviewing the trading & deposits/withdrawals history as well as cold & hot wallet transaction reports.

On 23 March, they announce that all withdrawals were now disabled and would have to be processed manually. To withdraw users, would now have to log a request via a form which could take multiple days to fulfil.

Finally, on 6 April, ICE3X announces that the platform would not resume operations and that liquidation processes have been initiated. Apart from pending LTC and BTC withdrawals, all withdrawal requests had been processed at the time of writing.

Updates will be posted shortly.

Leave a Reply

Your email address will not be published. Required fields are marked *