{"id":989,"date":"2021-12-07T02:23:07","date_gmt":"2021-12-07T02:23:07","guid":{"rendered":"https:\/\/egrowonline.com\/?p=989"},"modified":"2021-12-07T02:23:07","modified_gmt":"2021-12-07T02:23:07","slug":"cryptocurrency-exchange-mycryptowallet-collapses-appoints-liquidators","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=989","title":{"rendered":"Cryptocurrency exchange MyCryptoWallet collapses, appoints liquidators"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"_1HzXw\">Liquidators have been called in to wind up an Australian cryptocurrency exchange, which could see investors losing everything due to a lack of regulation.\u00a0\u00a0<\/p>\n<div class=\"_2X-83 g1U-R v-gc3\">\n<section class=\"_1uHEE _2Mryn\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\">\n<h2 class=\"wYJvU _1o1Da _1cBaI _18377 _2yZBa _3I3Xh _2uBSR _10YQT _1lh6E\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"_1PvbE\" data-component=\"List\" role=\"list\">\n<li class=\"\" data-component=\"ListItem\"><span class=\"_216m9 _2aqv9\"\/>A prominent Australian cryptocurrency exchange\u00a0is being wound up\u00a0<\/li>\n<li class=\"\" data-component=\"ListItem\"><span class=\"_216m9 _2aqv9\"\/>It&#8217;s the second cryptocurrency exchange to collapse in two months in this country<\/li>\n<li class=\"\" data-component=\"ListItem\"><span class=\"_216m9 _2aqv9\"\/>Analysts say consumers need to be aware of the risks of leaving money in crypto exchanges because of a lack of regulation<\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p class=\"_1HzXw\">Melbourne-based cryptocurrency exchange MyCryptoWallet&#8217;s chief executive, Jaryd Tyson\u00a0Koenigsmann, appointed liquidators SV Partners on Friday December 3, according to ASIC documents.<\/p>\n<p class=\"_1HzXw\">MyCryptoWallet was established in 2017 and has previously claimed it had signed up 20,000 customers.<\/p>\n<p class=\"_1HzXw\">The trading platform allowed\u00a0people to buy and sell cryptocurrency such as\u00a0bitcoin, ethereum, XRP and litecoin.<\/p>\n<p class=\"_1HzXw\">In April, ASIC was also understood to be\u00a0investigating multiple complaints about the MyCryptoWallet.<\/p>\n<p class=\"_1HzXw\">The company&#8217;s accounts were frozen in 2019 after a dispute with NAB.<\/p>\n<p class=\"_1HzXw\">SV Partners will release its first creditors&#8217; report on 17 December. The administrators are also looking for a buyer to purchase the company&#8217;s &#8220;technological infrastructure&#8221;.<\/p>\n<p class=\"_1HzXw\">MyCryptoWallet is the second cryptocurrency exchange to fail in two months. In October, Blockchain Global Limited collapsed, owing investors $21 million.<\/p>\n<figure class=\"_2XhY1 _2X-83 g1U-R _3V6uS\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"dls-id-3801\" data-component=\"Figure\" data-uri=\"coremedia:\/\/video\/13394430\">\n<div class=\"Bp-gy _3QCKq\" data-component=\"Player\" title=\"Bitcoin explained: Everything you need to know about the crypto craze\"><span class=\"_2tb21\" data-component=\"ScreenReaderOnly\">Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.<\/span><button class=\"_35-9d _33jq-\" data-component=\"PlayerButton\" aria-label=\"Play Video. Duration: 4 minutes 50 seconds\"><\/p>\n<div class=\"_3GHjM _3FChm\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"none\" viewbox=\"0 0 24 24\" width=\"1em\" height=\"1em\" data-component=\"PlayFilled\" class=\"_1_xkG _50MiI _1qHu6\" aria-hidden=\"true\"><path fill=\"currentColor\" stroke=\"currentColor\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M6 20.252V3.748L20.028 12 6 20.252z\"\/><\/svg><span class=\"_1WaTU\">Watch<\/span><\/p>\n<div class=\"_2dSel\" data-component=\"MediaDuration\"><span class=\"_2tb21\" data-component=\"ScreenReaderOnly\">Duration: 4 minutes 50 seconds<\/span><time class=\"_3rsys _1cBaI _3VnJp _10YQT\" data-component=\"Typography\" aria-hidden=\"true\">4<abbr title=\"minutes\">m <\/abbr><span>50<abbr title=\"seconds\">s<\/abbr><\/span><\/time><\/div>\n<\/div>\n<p><\/button><\/p>\n<div class=\"p0Tlm\">\n<div class=\"_3C2ok\" data-component=\"IntersectionObserver\">\n<div class=\"_3C5J1\" style=\"padding-bottom:56.25%\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" alt=\"Play Video. Duration: 4 minutes 50 seconds\" class=\"_1sqAO WIJbJ\" data-component=\"Image\" data-nojs=\"true\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/92fb58314f207520fe1b4f4b9562ff88?impolicy=wcms_crop_resize&amp;cropH=576&amp;cropW=1023&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=485\"\/><noscript><img decoding=\"async\" alt=\"Play Video. Duration: 4 minutes 50 seconds\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/92fb58314f207520fe1b4f4b9562ff88?impolicy=wcms_crop_resize&amp;cropH=576&amp;cropW=1023&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=485\" class=\"_1sqAO WIJbJ\" data-component=\"Image\"\/><\/noscript><\/div>\n<\/div>\n<p><noscript><video controls=\"\" data-nojs=\"true\" class=\"Bp-gy _2528y\" poster=\"https:\/\/live-production.wcms.abc-cdn.net.au\/92fb58314f207520fe1b4f4b9562ff88?impolicy=wcms_crop_resize&amp;cropH=576&amp;cropW=1023&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=485\"><source src=\"https:\/\/abcmedia.akamaized.net\/news\/thebusiness\/video\/202106\/THBs_OLCryptoRC_1706_1000k.mp4\" type=\"video\/mp4\"\/><\/video><\/noscript><\/div>\n<\/div><figcaption class=\"_1WKJ_ _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" id=\"dls-id-3801\" data-component=\"Figure__figcaption\"> <!-- -->Bitcoin explained: Everything you need to know about the crypto craze<cite class=\"_3gxdk _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__cite\">(<!-- -->David Chau<!-- -->)<\/cite><\/figcaption><\/figure>\n<h2 class=\"_3HiYf _2K_6X _1cBaI _2b-O4 _2yZBa _3I3Xh _2uBSR _10YQT _1lh6E\" data-component=\"Heading\">Warning for investors<\/h2>\n<p class=\"_1HzXw\">Unlike banks there is no government guarantee for cryptocurrency exchanges.<\/p>\n<p class=\"_1HzXw\">&#8220;I think that&#8217;s one of the things that a lot of consumers don&#8217;t understand, that the cryptocurrency held on the exchange is not theirs in the same way. They don&#8217;t\u00a0have direct control over it,&#8221; said RMIT Blockchain Innovation Hub&#8217;s Aaron Lane.\u00a0<\/p>\n<aside class=\"_2X-83 g1U-R _1VIKT\" data-component=\"Pullquote\">\n<blockquote class=\"_2Bzft\">\n<p class=\"_1HzXw\">&#8220;They don&#8217;t have custody over those assets. It&#8217;s the exchange that has the custody over it.&#8221;\u00a0<\/p>\n<\/blockquote>\n<\/aside>\n<aside class=\"_2X-83 g1U-R v-gc3 _299hJ\" data-component=\"RelatedCard\" data-uri=\"coremedia:\/\/article\/100679902\"><a target=\"_blank\" class=\"_1srdy fmhNa nsZdE _2c2Zy _3EOTW\" href=\"https:\/\/www.abc.net.au\/news\/2021-03-05\/share-custodians-holding-your-stocks-explainer\/13177716\" data-component=\"MediaObject\" rel=\"noopener\"><\/p>\n<div class=\"RCbfz dA4xg _2q0YW\">\n<h3 class=\"_157vS _3YGKF wYJvU _1o1Da _1cBaI _18377 _2yZBa _3I3Xh _2uBSR _10YQT _1lh6E\" data-component=\"Heading\"><span>Who owns your shares?<\/span><\/h3>\n<div class=\"_2w1Dd\">\n<div class=\"_3C2ok\" data-component=\"IntersectionObserver\">\n<div class=\"_3C5J1\" style=\"padding-bottom:56.25%\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" alt=\"A man, seen from behind, looks at the ASX share price boards.\" class=\"_1sqAO WIJbJ _10f2V\" data-component=\"Image\" data-nojs=\"true\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/f3be55dca0dcf8a2ddd075dd909fb6c7?impolicy=wcms_crop_resize&amp;cropH=1688&amp;cropW=3000&amp;xPos=0&amp;yPos=60&amp;width=862&amp;height=485\"\/><noscript><img decoding=\"async\" alt=\"A man, seen from behind, looks at the ASX share price boards.\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/f3be55dca0dcf8a2ddd075dd909fb6c7?impolicy=wcms_crop_resize&amp;cropH=1688&amp;cropW=3000&amp;xPos=0&amp;yPos=60&amp;width=862&amp;height=485\" class=\"_1sqAO WIJbJ _10f2V\" data-component=\"Image\"\/><\/noscript><\/div>\n<\/div>\n<p class=\"_3PR0j _3rsys _1cBaI _3VnJp _10YQT\" data-component=\"Typography\">Many amateur investors spend a great deal of time researching which stocks to buy, but few spend any time thinking about who is actually holding their shares.<\/p>\n<p><span class=\"_2hGMn\"><span class=\"rMkro _1cBaI _3VnJp _10YQT\" data-component=\"Typography\">Read more<\/span><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"none\" viewbox=\"0 0 24 24\" width=\"1em\" height=\"1em\" data-component=\"ArrowRight\" class=\"_1_xkG _2-7Xl _2f44p\" aria-hidden=\"true\"><path stroke=\"currentColor\" stroke-width=\"2\" d=\"m13 19 7-7-7-7\"\/><path stroke=\"currentColor\" stroke-width=\"2\" d=\"M20 12H3\"\/><\/svg><\/span><\/div>\n<\/div>\n<p><\/a><\/aside>\n<p class=\"_1HzXw\">A Senate inquiry has recommended changes to taxation laws, licensing and regulatory regimes to encourage digital and crypto-asset businesses to set-up in Australia.<\/p>\n<p class=\"_1HzXw\">The global leader, digital transformation practice at Norton Rose Fulbright, Nick Abrahams, said it was critical for the government to act swiftly to regulate exchanges and protect Australians.\u00a0<\/p>\n<p class=\"_1HzXw\">&#8220;Because the digital currency exchange space is largely unregulated, it is difficult for people to assess which exchanges are trustworthy,&#8221; Mr Abrahams said.<\/p>\n<p class=\"_1HzXw\">He said the only way to be certain that your crypto was safe was to take it off the exchange and store it in a &#8220;cold wallet&#8221;.<\/p>\n<p class=\"_1HzXw\">&#8220;A cold wallet is a small piece of hardware [that]\u00a0is not connected to the internet, [such as]\u00a0a USB drive. Of course, the problem is that you can lose your cold wallet or the password to access your cold wallet,&#8221; he said.<\/p>\n<aside class=\"_2X-83 g1U-R _1VIKT\" data-component=\"Pullquote\">\n<blockquote class=\"_2Bzft\">\n<p class=\"_1HzXw\">&#8220;This transaction friction and risk will be eliminated as crypto gets broader adoption and the industry matures.&#8221;<\/p>\n<\/blockquote>\n<\/aside>\n<figure class=\"_2XhY1 _2X-83 g1U-R _3V6uS\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"dls-id-3802\" data-component=\"Figure\" data-uri=\"coremedia:\/\/video\/13409652\">\n<div class=\"Bp-gy _3QCKq\" data-component=\"Player\" title=\"The tech behind Bitcoin, crypto and Defi shaking up the world\"><span class=\"_2tb21\" data-component=\"ScreenReaderOnly\">Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.<\/span><button class=\"_35-9d _33jq-\" data-component=\"PlayerButton\" aria-label=\"Play Video. Duration: 4 minutes 21 seconds\"><\/p>\n<div class=\"_3GHjM _3FChm\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"none\" viewbox=\"0 0 24 24\" width=\"1em\" height=\"1em\" data-component=\"PlayFilled\" class=\"_1_xkG _50MiI _1qHu6\" aria-hidden=\"true\"><path fill=\"currentColor\" stroke=\"currentColor\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"M6 20.252V3.748L20.028 12 6 20.252z\"\/><\/svg><span class=\"_1WaTU\">Watch<\/span><\/p>\n<div class=\"_2dSel\" data-component=\"MediaDuration\"><span class=\"_2tb21\" data-component=\"ScreenReaderOnly\">Duration: 4 minutes 21 seconds<\/span><time class=\"_3rsys _1cBaI _3VnJp _10YQT\" data-component=\"Typography\" aria-hidden=\"true\">4<abbr title=\"minutes\">m <\/abbr><span>21<abbr title=\"seconds\">s<\/abbr><\/span><\/time><\/div>\n<\/div>\n<p><\/button><\/p>\n<div class=\"p0Tlm\">\n<div class=\"_3C2ok\" data-component=\"IntersectionObserver\">\n<div class=\"_3C5J1\" style=\"padding-bottom:56.25%\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" alt=\"Play Video. Duration: 4 minutes 21 seconds\" class=\"_1sqAO WIJbJ\" data-component=\"Image\" data-nojs=\"true\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/cf8ae68a6e2157569727fe94042a50a4?impolicy=wcms_crop_resize&amp;cropH=576&amp;cropW=1023&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=485\"\/><noscript><img decoding=\"async\" alt=\"Play Video. Duration: 4 minutes 21 seconds\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/cf8ae68a6e2157569727fe94042a50a4?impolicy=wcms_crop_resize&amp;cropH=576&amp;cropW=1023&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=485\" class=\"_1sqAO WIJbJ\" data-component=\"Image\"\/><\/noscript><\/div>\n<\/div>\n<p><noscript><video controls=\"\" data-nojs=\"true\" class=\"Bp-gy _2528y\" poster=\"https:\/\/live-production.wcms.abc-cdn.net.au\/cf8ae68a6e2157569727fe94042a50a4?impolicy=wcms_crop_resize&amp;cropH=576&amp;cropW=1023&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=485\"><source src=\"https:\/\/abcmedia.akamaized.net\/news\/thebusiness\/video\/202106\/THBs_OLBlockChainPkg_2306_1000k.mp4\" type=\"video\/mp4\"\/><\/video><\/noscript><\/div>\n<\/div><figcaption class=\"_1WKJ_ _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" id=\"dls-id-3802\" data-component=\"Figure__figcaption\"> <!-- -->The tech behind Bitcoin, crypto and Defi shaking up the world<cite class=\"_3gxdk _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__cite\">(<!-- -->David Chau<!-- -->)<\/cite><\/figcaption><\/figure>\n<p class=\"_1HzXw\">Bitcoin slid 8.3 per cent to $US49,166 \u2014 after hitting a low of $US41,967 over the weekend \u2014\u00a0as profit-taking and macro-economic concerns prompted nearly $US1 billion worth of selling across cryptocurrencies.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.abc.net.au\/news\/2021-12-07\/mycryptowallet-collapse-liquidation-jaryd-koenigsmann\/100679200\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Liquidators have been called in to wind up an Australian cryptocurrency exchange, which could see investors losing everything due to a lack of regulation.\u00a0\u00a0 Key points: A prominent Australian cryptocurrency exchange\u00a0is being wound up\u00a0 It&#8217;s the second cryptocurrency exchange to collapse in two months in this country Analysts say consumers need to be aware of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[36],"tags":[1033,1032,52,53,906,1031],"class_list":["post-989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-appoints","tag-collapses","tag-cryptocurrency","tag-exchange","tag-liquidators","tag-mycryptowallet"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2021\/12\/6aafe028d277428999d832591d1a5633.webp","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=989"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/989\/revisions"}],"predecessor-version":[{"id":991,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/989\/revisions\/991"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/990"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=989"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}