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Australian cryptocurrency exchange myCryptoWallet has crashed, as its users massively complain about the loss of funds. According to The Sydney Morning Herald, bankruptcy company SV Partners has been appointed as the liquidator of the business.
Despite financial troubles, the exchange website continues to advertise the platform as “Australia’s first zero-fee crypto exchange”, which allows users to conveniently buy and trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) …
The site claims that the Australian exchange has served around 30,000 customers, exchanging around AU $ 20M ($ 14.2M) worth of cryptocurrency for users in 12 countries.
An investigation by the Australian newspaper The Age and The Sydney Morning Herald last April found that multiple users reported problems accessing and withdrawing funds.
Some of the company’s clients have stated that their cryptocurrencies have completely disappeared. As a result, they filed numerous complaints with the country’s financial regulator, the Australian Securities and Investments Commission (ASIC). The agency confirmed the existence of problems, but then some users stated that they were able to get some of their funds back.
Nevertheless, the majority of the company’s clients still do not have access to their assets, and now the external manager of SV Partners is engaged in compensation for their losses.
Unfortunately, this is not the first sad episode with Australian cryptocurrency exchanges. This year, the parent company of local cryptocurrency exchange ACX Blockchain Global owed its creditors about A $ 21 million ($ 14.9 million) and suspended the platform.
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