HomeNewsAustralian Crypto Exchange Plummets Amid Sea Of Complaints
Australian Crypto Exchange Plummets Amid Sea Of Complaints

Australian Crypto Exchange Plummets Amid Sea Of Complaints

Last updated 27th Jul 2022

Australian crypto exchange MyCryptoWallet has plummeted amidst a surge of complaints that have been made by users along with allegations of missing funds. The exchange has also been accused of potentially leaving behind countless customers deprived of access to their crypto assets.

As reported by the Sydney Morning Herald, insolvency firm SV Partners has been tasked with the liquidation of the troubled business. Despite its current difficulties, the exchange’s website remains active and currently advertises MyCryptoWallet as “ Australia’s First Zero Fee Cryptocurrency Exchange.” The website also continues to encourage users to buy, sell and trade cryptocurrencies such as bitcoin (BTC), ethereum (ETH), and litecoin (LTC) using its services.

According to the website, the Australian exchange has served some 30,000 customers, exchanging about AUD 20m (USD 14.2m) worth of cryptocurrency, and providing support to users based in 12 countries.

Minimum Deposit
Exclusive Promotion
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More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

In contrast, an investigation carried out by Australian paper The Age and The Sydney Morning Herald last April revealed that myCryptoWallet was barely functional, and a number of users have reported issues with accessing their funds.

Some users made claims that their crypto funds had disappeared entirely.

As a result of the recent events, unimpressed customers have filed numerous complaints with the country’s financial regulator, the Australian Securities and Investments Commission (ASIC). The agency confirmed that the issues were being dealt with, and, following its investigation, some users said they were able to retrieve some of their lost funds from the exchange.

However, many customers are still unable to access their assets.

MyCryptoWallet was set up in 2017, in Melbourne. The crypto exchange was developed by local entrepreneur Jaryd Koenigsmann.

The latest development marks another collapse of an Australian crypto exchange. Earlier this year, Blockchain Global (BGL), the parent company of local crypto exchange ACX, entered into voluntary administration while owing its creditors some AUD 21m (USD 14.9m), The Australian Financial Review reported.

Ruby Layram

Ruby Layram