One of SA's oldest crypto exchanges is shutting down

Hanno Labuschagne

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One of SA's oldest crypto exchanges is shutting down

ICE3x, a South African cryptocurrency exchange that has operated since 2013, has announced that it is liquidating the business.

ICE3x was one of South Africa's oldest cryptocurrency exchanges and was the first to offer an Ethereum-Rand trading pair. The exchange, however, didn't attract the trading volumes of rival platform Luno.

Luno has also been around since 2013, though it launched as BitX and rebranded to Luno in 2017.
 

backstreetboy

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Lol call it what it is. They were hacked.

so can this happen to luno too
It can happen to anyone really,consensus is don't leave your currency in providers' wallets,rather get your own private wallet for long-term storages
Unlikely. Luno is much more proper and not the mickey mouse exchange Ice3x was.
 

jammio

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It can happen to anyone really,consensus is don't leave your currency in providers' wallets,rather get your own private wallet for long-term storages
So I got a small something with Luno in BTC. How do I do this private thing?
 

Tim_vb

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I was reading through the VBS "Great Bank Heist" report and I'm thinking its far easier to pull off that fraud in the unregulated crypto world, let's see what eventually comes out
 

Swa

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So you don't keep enough to cover users' assets... This is why we need regulation so there's regular audits to make sure users' assets aren't being sold.
 

RonSwanson

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Looks like they shorted themselves out of existence.
“Our preliminary findings indicate that we have a shortage for both bitcoin and litecoin and we are reviewing the trading, deposits and withdrawals history as well as cold and hot wallet transaction reports.”
 

PsyWulf

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Sounds like there was inconsistencies with transfers to/from
Could have been something as stupid as a bug/rounding issue
Frequent Audits would be good though as mentioned
 
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PsyWulf

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I've worked in the finance/insurance industry,and there's ALWAYS issues with number roundings somewhere when you work down to 10-20 decimals and everybody has a different standard/decimal use. Even stuff like Bitflips from a more technical and chaotic perspective can happen
We find that DRAM error behavior in the field differs in many key aspects from commonly held assumptions. For example, we observe DRAM error rates that are orders of magnitude higher than previously reported, with 25,000 to 70,000 errors per billion device hours per Mbit and more than 8\% of DIMMs affected by errors per year. We provide strong evidence that memory errors are dominated by hard errors, rather than soft errors, which previous work suspects to be the dominant error mode. We find that temperature, known to strongly impact DIMM error rates in lab conditions, has a surprisingly small effect on error behavior in the field, when taking all other factors into account.
Fascinating subject if you feel like having a google
 

LazyLion

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This kind of thing seems to happen a lot in the Crypto Industry?
 

psradebe

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What happens if it breaks?
The coins/tokens are not stored on the device. They are on the blockchain, you have a recovery method that you can always use on another device to get access to your crypto.

If you lose the recovery seed, then you can never recover your coins and they will be lost on the blockchain. This method of storing crypto is the most secure than storing in an exchange.

Without sounding technical, an exchange is responsible in managing your private keys and crypto. If you use the Ledger/Trezor... all that admin and risk is on you.
 
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