One of SA's oldest crypto exchanges is shutting down

PsyWulf

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Nov 22, 2006
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Funny how they just proceed with liquidations. This is illegal.

They have to contact all asset holders who are essentially now the share holders of the company to vote on liquidation proceedings.

This is such a joke of a situation, I hope the asset holders don't take this lying down and sue the living **** out of ice3x for handling this like a joke.
Do you need creditor permission for (in)voluntary liquidation?
 

John Tempus

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Aug 8, 2017
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5,150
Do you need creditor permission for (in)voluntary liquidation?

Involuntary liquidation is only a thing if they were bankrupt, last I heard they still had assets.

The point here is that everyone on the platform is a share holder right now and should be informed before being approved for liquidation. The fact they are all of sudden straight to liquidation tells me one thing, these guys are crooks and want to get this entire thing taken care of as quickly as possible.

ice3x should be investigated at this point as a ponzi, no different to how MTI is being treated. 100 people depositing and only 20 getting their funds out is no different to a classic ponzi scheme operation.

I am convinced until some clearing audit proves otherwise that these guys operated fractionally and used client deposits to pay them self when trading fees didn't amount to any viable income.
 

Purply

Expert Member
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Mar 4, 2013
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3,952
Correct me if I'm wrong, but the assigned liquadator is currently trying to gather info on what is owned to everyone. From there their findings are brought to court so that the judge can decide how to proceed with the liquadation order?
 
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acidrain

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Jan 7, 2007
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5,445
Involuntary liquidation is only a thing if they were bankrupt, last I heard they still had assets.
They must have initiated a voluntary liquidation then, which in that case you do not require creditors permission to initiate the process.

They would need to file a special resolution with CIPC but before it can be adopted, they will need to submit security to pay all debts. Don't see any mention of a change to their CIPC profile so perhaps they are still busy with setting aside security.
 

John Tempus

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Aug 8, 2017
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They must have initiated a voluntary liquidation then, which in that case you do not require creditors permission to initiate the process.

They would need to file a special resolution with CIPC but before it can be adopted, they will need to submit security to pay all debts. Don't see any mention of a change to their CIPC profile so perhaps they are still busy with setting aside security.

Right, that is why this entire thing seems rushed without any sort of protocols followed.

I don't believe they even consulted any lawyers or those lawyers should be fired immediately.

This just smells of a situation where they are trying to close shop as quickly as possible before anyone can actually look into the bs.
 

Chong33

Active Member
Joined
Sep 9, 2019
Messages
56
Now I'm starting to worry, I'm with Altcoin trader. I know its not very famous here for some or other reason. But how sure can I be they don't pull an Ice3X on us.
I used to be with Ice. Their incompetence cost me thousands a few years back when I could not get verified, This continued for weeks. The great Ripple surge went by, I was frozen to do anything thanks to these clowns.
 

hj007

Senior Member
Joined
Aug 30, 2006
Messages
968
Now I'm starting to worry, I'm with Altcoin trader. I know its not very famous here for some or other reason. But how sure can I be they don't pull an Ice3X on us.
I used to be with Ice. Their incompetence cost me thousands a few years back when I could not get verified, This continued for weeks. The great Ripple surge went by, I was frozen to do anything thanks to these clowns.
Why keep your coins on the exchange at all instead of your own wallet?
 

Chong33

Active Member
Joined
Sep 9, 2019
Messages
56
Why keep your coins on the exchange at all instead of your own wallet?
Ease of trading I suppose, im not super clued up with this, I have only ever used an exchange, Never had a wallet and what not, Wont I have to transfer my coins to the exchange each time I want to trade?
 
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Snyper564

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Joined
Oct 1, 2008
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8,250
Ease of trading I suppose, im not super clued up with this, I have only ever used an exchange, Never had a wallet and what not, Wont I have to transfer my coins in the exchange each time I want to trade?
yes and you will pay every time you do it, pointless for a few 100 or 1000s
 

hj007

Senior Member
Joined
Aug 30, 2006
Messages
968
Ease of trading I suppose, im not super clued up with this, I have only ever used an exchange, Never had a wallet and what not, Wont I have to transfer my coins to the exchange each time I want to trade?
guess it depends on how much, and whether you're trading between ZAR and coins. If you're switching between coins directly there are alternatives. Fees obviously influence your options and your view on the trustworthiness of different exchanges.
 

NarrowBandFtw

Honorary Master
Joined
Feb 1, 2008
Messages
20,335
Now I'm starting to worry, I'm with Altcoin trader. I know its not very famous here for some or other reason. But how sure can I be they don't pull an Ice3X on us.
I used to be with Ice. Their incompetence cost me thousands a few years back when I could not get verified, This continued for weeks. The great Ripple surge went by, I was frozen to do anything thanks to these clowns.
Altcoin is doing the third most volume in ZA ... having said that it is only doing a fraction of what Valr is doing, and Valr is doing less than half what Luno is doing

not that size is any guarantee, but size may be an indication of how likely something is to just vanish, or "pull an Ice3X" as the term's now been coined
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
26,545
Now I'm starting to worry, I'm with Altcoin trader.
Imo you're looking for kak leaving your crypto on these low volume exchanges that aren't going anywhere. Rather move to luno, valr, binance etc.
 

Swa

Honorary Master
Joined
May 4, 2012
Messages
27,193
Do you need creditor permission for (in)voluntary liquidation?
Voluntary liquidation is only a thing if you have enough assets to cover your debts. From the looks of it they are bankrupt so it's quite a shitty move to go over their creditors' heads and make it look voluntary.
 

Tpex

Teh Cyber Ninja
Joined
Sep 4, 2008
Messages
18,178
WTF!!!!!!!!!!
Just saw this now, and email when the **** hit the fan would have been nice Ice3x
 
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