Local South African Exchange Ice3x Suspends Trading after Identifying Disparities in BTC and LTC Balances

By: Dickson Arinze

March 19, 2021 2:19 PM

Ice3x, a South African based crypto exchange halts trading on March 16 after noticing disparities in balance of bitcoin and litecoin on the exchange.

The exchange led by CEO Gareth Grobler has been faced with a strange issue at they noticed disparities in BTC and LTC balance. It's still unknown the cause of the mismatch or when trading would reopen on the platform. 

The CEO made a statement just after trade was suspended on the exchange, Grobler discloses that subsequent deliberations with it's partner Merkeleon on this topic did not come with the desired conclusion he expected which propelled the exchange to suspend trading in order to protect users.

At press time, investigations into the origin of the disparities has been lodged. meanwhile, the exchange has urged users who still holds other cryptocurrency on the exchange to instantly withdraw.

The official statement reads:
Clients holding any other currency which is not BTC or LTC on the exchange will still have the option to withdraw their funds and we urge users to do that as soon as they can.

Additionally, the statement warned that it could be impossible to access the exchanges domain/email/service desk as a result of 3rd party actions. When that happens, the exchange told users to to connect with the exchange via their Facebook page.

However, with date still unclear when normal services will resume. The exchange CEO was quick to reassure users that he doesn't have any plans of fleeing the country as he vows to be transparent with the public as they seek to resolve things.

It could be worrying signs for South Africa crypto investors with the recent exit scam of MTI, which most haven't recovered from. Affected users would only hope this is not a repeat of the MTI scandal.