Australian crypto exchange mуCrуptoWallet closed due to loss of funds

Australian crypto exchange mуCrуptoWallet was closed after its users complained massively about the loss of funds.

Australian crypto exchange mуCrуptoWallet has been closed

According to The Sydney Morning Herald, the exchange filed for bankruptcy and SV Partners was appointed as the company’s liquidator.

Until recently, despite financial difficulties, the exchange’s website continued to promote the platform as “Australia’s First Zero Fee Exchange, which allows users to conveniently buy and trade in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). “

The site claimed that the Australian crypto exchange had served approximately 30,000 clients, giving users in 12 countries a crunch worth around A $ 20 million (US $ 14.2 million).

An investigation by the Australian newspapers The Age and The Sydney Morning Herald found in April that more users had reported problems accessing and withdrawing funds. Some of the company’s clients said that their cryptocurrencies had completely disappeared.

As a result, they have filed numerous complaints with the country’s financial regulator, the Australian Securities and Investment Commission (ASIC). The agency confirmed the existence of problems, but then some users stated that they had managed to recover part of their funds.

However, most of the company’s clients still do not have access to their assets and the external manager of SV Partners is now working to compensate for their losses.

Unfortunately, this is not the first sad episode with the Australian crypto exchanges. This year, the parent company of the local exchange, ACX Blockchain Global, owed its creditors about A $ 21 million ($ 14.9 million) and suspended the platform.