The crypto exchange announced, through a statement, that they will stop operations after receiving advice from lawyers
The oldest South African crypto exchange, Ice3x, has ceased its operations after suspending bitcoin and litecoin operations less than a month ago.
In a statement on their website, Ice3x, which is headed by CEO Gareth Grobler (pictured), stated that any withdrawals that were submitted have all been processed and, therefore, withdrawals are no longer available on the platform.
Ice3x is aware that many clients may be frustrated but they have called for calmness and urge their clients to remain respectful.
"Please be conscious of the fact that staff are operating under extreme pressure at the moment, and can only provide assistance as directed. We understand your frustration but please be respectful when communicating with the service desk staff."
Back in March 16th, Ice3x let their client base know that they were advised, by their legal & auditing team, to suspend all Deposits and Trading due to discrepancies found in the balances regarding bitcoin and litecoin.
The statement on March 16th, according to globalcrypto.tv, came about due to the liquidity challenges experienced by Ice3x prior to the suspension of trading. Globalcrypto.tv reached out to a client of Ice3x who claimed to have lost more than R150,000 in a "stop loss gone wrong" before the suspension of trading on 16th March.
After this annoucement on the 16th of March, Ice3x continued to update their clients through a number of updates on their website. The crypto exchange requested that clients do not create multiple tickets as this will create a massive backlog for their employees.
Please be conscious of the fact that staff are operating under extreme pressure at the moment, and can only provide assistance as directed. We understand your frustration but please be respectful when communicating with service desk staff.
Please do not create multiple tickets or make use of multiple channels to make contact as this only increases the workload and amount of tickets the team needs to go through, which delays the operations significantly."
Ice3x was founded in 2013 by CEO, Gareth Grobler, and is one of the oldest crypto exchanges in Africa.
About AIBC Dubai:
AIBC UAE will take place on the 25th to 26th May, 2021, in the emirate of Dubai. The event will bring together key brands and individuals from the converging sectors of AI, blockchain, IoT, Quantum Tech to discuss and shape the future of emerging tech.
It is one of the leading events globally for blockchain, AI, crypto, and other emerging technologies, and gathers together an elite selection of delegates, policymakers and thought leaders from across the globe. Such international recognition has helped propel AIBC Summit become a favourite on the world circuit for emerging tech conferences and expos.