Aussie Crypto Exchange Users Furious After Liquidation, Bitcoin rebounds

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Aussie Crypto Exchange Users Furious After Liquidation, Bitcoin rebounds

Aussie Crypto Exchange, Bitcoin has rebounded, Bitmart
Image source: © Nyul | Megapixl.com

Highlights

  • Users of the Melbourne-based “myCryptoWallet” platform have been left unable to access their funds
  • Bitcoin has rebounded 4 percent in the past 24 hours to nudge over the US$50,000 mark
  • Along with the Shiba Inu community, crypto exchange Huobi Global have also expressed a desire to strengthen the security of BitMart

Customers Left Short After Liquidation of Aussie Crypto Trading Platform

Crypto trading customers have been left reeling after being left short thousands of dollars following the liquidation of a prominent Australian crypto trading platform.

Users of the Melbourne-based “myCryptoWallet” platform have been left unable to access their funds after administrators were called in on Friday to liquidate the company which boasts some 20,000 members.

Aussie Trading Platform myCryptoWallet Collapses: What it means for crypto users?

 

myCryptoWallet, since its launch in 2017, has experienced an array of problems, including tech setbacks as well as a period of inactivity following a dispute with the National Australia Bank.

 

Some irate customers took to Twitter early last week claiming not to be able to access their funds, with some claiming losses of up to AU$40,000.

 

The company’s liquidation makes it the second crypto company in two months to fail after another Melbourne-based company, Blockchain Global, collapsed in October owing investors a reported AU$21 million.

 

Bitcoin and Ethereum Rebound Slightly

 

Bitcoin has rebounded 2.4 percent in the past 24 hours to nudge over the US$50,000 mark.

 

The slight rebound follows a horror weekend for the world’s largest crypto, which sunk to around US$45,000 on Saturday – a significant decline from its all time high of US$68,500 on November 11.

 

While some have argued that crypto has entered a bear market, this has been disputed by experts who argue that the rules that define traditional bull and bear markets cannot be applied to the crypto market due to the inherent volatility of digital assets, like Bitcoin.

 

Leading altcoin, Ethereum, also rebounded overnight, gaining around 4 percent in the past 24 hours to reach US$4,352 this morning.

 

Ethereum suffered a similar drop to Bitcoin last weekend, albeit not as severe. On Saturday, Ethereum took a sharp dive to US$3,630 before a quick rebound followed by a steady recovery up till this morning.

 

Altcoin News

 

The Shiba Inu Token community have offered to help embattled crypto exchange BitMart, which was the victim of a hack last week and saw nearly US$200 million in crypto assets stolen.

 

Along with the Shiba Inu community, crypto exchange Huobi Global have also expressed a desire to strengthen the security of BitMart as well as assist in tracking inflows of stolen assets.

 

Soon after the BitMart heist, Huobi Global tweeted that they would do their best to help BitMart in handling the issue, claiming they would report any inflows of stolen assets.

 

The Shiba Inu community, who call themselves the “Shib Army”, also tweeted shortly after the BitMart hack, saying that despite their mission being “decentralisation”, they wanted to show BitMart their “love and support” and encouraged the Shiba community to be aware of scams.

 

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Source: Coinmarketcap.com, based on top 100 cryptos.

Image Source @ 2021 Kalkine Media

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