South African Cryptocurrency Exchange iCE3 Goes Into Liquidation

The company told customers withdrawals from the platform have been disabled, and they will get further details Wednesday.

AccessTimeIconApr 7, 2021 at 2:28 p.m. UTC
Updated Sep 14, 2021 at 12:37 p.m. UTC

South African cryptocurrency exchange iCE3 has gone into liquidation after it claims to have found “discrepancies” in its balances in March.

In a company announcement posted Tuesday, the exchange said, “We regret to inform you that the platform will not return to operation and that we have been advised to initiate liquidation proceedings.”

iCE3 told customers that withdrawals from the platform have been disabled, and they will be provided with further details on Wednesday. CoinDesk has reached out to iCE3 seeking more information but did not receive a response by press time.

In March, iCE3 shared a blog post urging users to withdraw cryptocurrency holdings from its platform after finding discrepancies in its balances. The exchange said it is still waiting on confirmation of results by the auditing team, and based on the advice of its legal and auditing team, it had suspended deposits and trading in bitcoin and litecoin.

One exchange user emailed CoinDesk complaining his or her cryptocurrency holdings remain locked, and about the lack of communication from the exchange.

“No communication has come from [iCE3], except for blog statements, which tell us nothing about what has happened,” said the exchange user.


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