Australian cryptocurrency exchange myCryptoWallet has suspended its services for the second time in six months, citing a... "significant loss.".
Cryptocurrency exchange myCryptoWallet informed its customers two days ago that it had proceeded with a "forced limitation of withdrawals" as well as a "forced suspension of the myCryptoCard program", following the unexpected termination of the contract with a major partner, who was also the supplier of the exchange.
myCryptoWallet customers are expressing concern about the loss of their funds, as the exchange has also limited the number of hours its customer support department is open, delaying or leaving multiple support requests unanswered. There are also many who speak of a hacking attack, however this information has not been officially confirmed by the company, or by third-party sources.
This is not the first time myCryptoWallet has been forced to suspend withdrawals, as last January, under similar circumstances, the National Australia Bank suddenly closed the bank accounts . For the record, the accounts were restored after a few days and users were able to proceed with withdrawals as normal.
This time, the exchange informed its customers about the suspension of its services via email, explaining that it was heavily dependent on a third-party service provider, which unexpectedly terminated its contract on July 5. On the positive(?) news, the suspension appears to be temporary, according to the email sent.
“Unfortunately, our deposit technology partners ignored calls from our CEO regarding user deposits that could not be withdrawn from their myCryptoWallet bank account,” the email said.
“We received a response from our partner on Friday, July 5th, outside of business hours, informing us of the termination of the contract between us, leading myCryptoWallet to a significant loss. Due to this loss, we will be discontinuing the myCryptoCard program and our withdrawals will be limited in the coming weeks until we can address the issue.”.
The exchange's customers are still in uncertainty, expressing their concerns through various forums and social media. We can only wait and see how things will develop.
