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Crypto Exchange Collapses; Users May Never Get Their Funds Back.

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MyCryptoWallet series of trouble has ended in a collapse, described as Australia’s “first zero-fee” exchange — a place where consumers could buy, sell and trade Bitcoin, Ether, XRP and Litecoin.

But back in April, an investigation by two Australian newspapers revealed that the company had faced a barrage of complaints according to CoinMarkarketcap report . While some users were unable to withdraw their funds altogether, others saw their crypto vanish into thin air when they attempted to make a transfer.

When approached about these concerns, MyCryptoWallet claimed it was a “negative shill campaign” — and insisted that it hadn’t received any complaints of issues with its service.

Liquidation proceedings have now begun, and the insolvency firm SV Partners is urging anyone who has been affected to get in touch. MyCryptoWallet, which was founded in 2017 by Jaryd Koenigsmann, had previously claimed that it had more than 20,000 users.

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