Liquidator of Defunct South African Crypto Exchange Finds Only 22 Bitcoin

Dewald Breytenbach, a court-appointed liquidator of National Liquidators claimed recently that 22 of the 76 bitcoin belonged to Ice3, a South African cryptocurrency exchange.

Ice3’s Instant Closure

The liquidator added that Merkeleon, a tech provider based in Zurich, is being asked to assist with this investigation.

Six months after Ice3 stopped processing withdrawals abruptly, these new revelations from the South African liquidator come six months later. The exchange management stated that the decision to suspend withdrawals of LTC and Bitcoin was made to protect users at the time of the announcement. Ice3 abruptly closed down just weeks after it had reassured its users.

Some reports suggested that Ice3’s decision not to continue operations was due to liquidity problems facing the exchange. Moneyweb reports that Ice3 management could have decided to stop withdrawals and cease operations due to the dispute with Europe-based Merkeleon.

Breytenbach says in the report:

The problem [at Ice3] appears to have started when a dispute arose between iCE3 and its platform provider, Merkeleon, based in Europe.

Bitcoin Partnership Details Unfolds

According to the report, Ice3’s management team had the impression that a partnership agreement existed with Merkeleon. This partnership would have meant that Ice3’s CEO Gareth Grobler would be responsible for the development of the software, while Merkeleon would handle the administration.

Breytenbach said that he had been in touch to Merkeleon in order for him to determine the exact nature and terms of the arrangement. According to the liquidator, he believes that his firm will soon receive the information it needs.