South African Crypto Exchange Suspends Bitcoin & Litecoin Withdrawals Due to Balance ‘Discrepancies’


South Africa-based cryptocurrency exchange iCE3 suspended Bitcoin (BTC) and Litecoin (LTC) withdrawals this week after noting “discrepancies” in the balances of these crypto-assets on the platform.

Director GC Grobler announced on Tuesday that “after consultation and deliberation with our partner Merkeleon.com and their subsidiary Coinspaid.com, we have not been able to reach a satisfactory conclusion.”

As such, the exchange decided to suspend deposits and trading of these two cryptocurrencies, “pending the outcome of a full investigation and reconciliation,” on the advice of their legal and adoption team.

“This is being done for the protection of all clients,” reads the notice. Holders of other crypto assets were unaffected, and withdrawals allowed,

“We urge you to do so as soon as possible.”

The exchange reported several other issues, including their email system going down, some users not able to log in, and unable to withdraw Bitcoin Cash (BCH). At one point, ZAR (South African Rand) withdrawals were also affected due to reaching the daily transfer limits.

As of today, withdrawals for crypto access except for BTC, LTC, and USDT are up to date. The exchange is expected to have all USDT withdrawals cleared in the next 24 hours.

“We have a manual backup solution in place to continue processing withdrawals as it appears likely the platform will be taken offline completely in the next 24hours,” noted the exchange adding, “We understand your frustration, and we are doing our best to communicate information as fast as possible.”

The exchange will continue to update the situation as it progresses.

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