Is your crypto wallet at risk of being lost?

• This week, MyCryptoWallet became the second cryptocurrency exchange in two months to collapse.
• Blockchain Global went under in November owing investors A$21 million.
• ‘Cold Wallets’ are the only secure way to store crypto until governments regulate digital currencies to protect customers.

This week, MyCryptoWallet became the second cryptocurrency exchange platform in Australia in the past two months to go bust. The four-year-old company boasted more than 20,000 users on the platform that allowed users to buy and sell cryptocurrencies including Bitcoin, Ethereum, Ripple and Litecoin.

SV Partners have been called in as liquidators to wind up MyCryptoWallet following a long list of alleged complaints from users and further allegations of missing funds. In 2019 MyCryptoWallet’s accounts with NAB were frozen and just this year, ASIC was reportedly investigating complaints about the crypto exchange platform.

After news of the imminent liquidation, some users of MyCryptoWallet took to social media claiming A$40,000 worth of funds in their wallets on the platform had vanished, while others said they were unable to access any of their funds.

Just two months ago Blockchain Global, the parent company of Australian crypto exchange ACX, collapsed owing investors an estimated A$21 million. It appears MyCryptoWallet followed in the footsteps of Blockchain Global which froze the funds of users in all ACX accounts.

You can read the full story at Grafa

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