Technology

Caveat emptor

The ICE3x exchange has gone bust, leaving thousands in the lurch. What went wrong?

19 May 2021

What on earth has happened at ICE3x, one of the country's oldest crypto exchanges?

The trouble began midway through March, when the platform's service desk team said in a status update that it had come to its attention that there were 'discrepancies' in the balances pertaining to the Bitcoin and Litecoin it holds. It said after 'consultation and deliberation' with its partners Merkeleon.com, an Austrian IT company, and Coinspaid.com, registered in Estonia, 'we have not been able to reach a satisfactory conclusion'. It said it had suspended all deposits and trading as well as BTC and LTC withdrawals, pending the outcome of a 'full investigation and reconciliation'. Clients, meanwhile, who held any other currency would still be able to withdraw their funds.

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