South African cryptocurrency exchange ICE3X is shutting down almost a month after its deposits and trading were suspended when the platform discovered “inconsistencies” in its Bitcoin and Litecoin assets, according to a status update posted on Tuesday (April 6).
The exchange was advised to begin liquidation procedures, the firm said in a statement. ICE3X suspended all deposits and trading, and withdrawals of bitcoins and litecoins for the first time on March 16, noting the balance discrepancy and awaiting a full investigation.
Withdrawals of all other currencies were approved and the exchange encouraged its users to withdraw their funds “ASAP,” according to the update.
On March 18, ICE3X reported that its preliminary investigation found shortages in both Bitcoin and Litecoin, the update says.
“We are studying the history of trades and deposits / withdrawals, as well as reports of transactions with cold and hot wallet,” the exchange said at the time. “This process is taking longer than expected and we are preparing additional accounting resources to help with this task.”
The exchange disabled all withdrawals on March 23, but said it would continue to process manual withdrawal requests for all currencies except Bitcoin and Litecoin as the investigation continued.
ICE3X does not clarify the final results of its investigation. The firm said in an update on Tuesday that it will provide more details and next steps on Wednesday (April 7), but no updates have been posted yet.
“Please be aware that staff are currently working in an extremely difficult situation and can only provide assistance as directed,” ICE3X said in a statement. “We understand your frustrations, but please be respectful when communicating with the support staff.”