logo

Blockchain Australia removes ACX.IO from its list of partners

Blockchain Australia removes ACX IO from its list of partners

Australian self-governing blockchain body, Blockchain Australia has removed ACX.IO from its list of partners after reports of missing funds. The body received complaints from the traders that the market operator has gone unresponsive. As per reports, the exchange raised doubts of solvency after it was discovered that it has an empty hot wallet.

ACX.IO removed from Blockchain Australia

The exchange had first announced an audit in January but was later shrouded in doubts as evidence surfaced of its hot wallet being empty. As per local traders, the exchange’s Melbourne offices are still closed.

Twitter user @Jonte_Z raised concerns of an exit scam. Jonte said that while ACX.IO claims to be going through an audit, the claim is false and the exchange is pulling an exit scam. He also stated that the exchange’s hot wallet is holding less than 1 Bitcoin in it.

https://twitter.com/SkidmoreX/status/1229055270669570048?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1229599267632771072&ref_url=https%3A%2F%2Fbitcoinist.com%2Facx-cvrypto-exchange-ousted-over-alleged-exit-scam%2F

The suspicions of an exit scam first arose in January as most exit scams involve a  protective form of exchange closing. However, since then, one month has passed but traders have only discovered more evidence of a potential exit scam.

Blockchain Australia has extended the sanctions to Global Blockchain, a firm that is related to the activity of ACX.IO. Global Blockchain’s logo has been removed from the website. As per user reports, it was Global Blockchain that attracted investors and presented the case for trading on ACX.IO.

For some reason, the exchange is still showing a trading activity of around one million USD per day across 17 trading pairs. Now the traders are turning towards Australian authorities to settle the matter. However, it might be a long time before users receive compensation.

Featured image by pixabay.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Litecoin price analysis: LTC faces a bearish pullback after hitting $77.18 resistance
Bitcoin price analysis: BTC continues hovering around $17,000, could $17,500 be the next stop?
Polkadot price analysis: DOT raises value at $5.32
Kevin O'Leary defends failed entrepreneurs after $11m loss from FTX
A Decade of Spotting Fraud, Fighting Scams, and a Fitting Closer - The SBF/FTX Catastrophe

Follow Us

Industry News

Kevin O'Leary defends failed entrepreneurs after $11m loss from FTX
Best crypto memes of the day - December 8th
Best Twitter threads of the day - December 8th
Celsius ordered to return $50M to crypto investors
Luxembourg expands PayPal operations to cryptocurrencies

Add Your Heading Text Here