ACX Exchange Freezes Withdrawals Over Strange Inspection

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • ACX has stopped servicing of withdrawals and further transactions over the reason of mysterious inspection.
  • An ACX user and trader Michael Whitethorn commented on this matter, stating that there has been completely no response from the ACX group for more than four weeks.
  • Michael brought this under the notice of the ASIC for which the authorities have undertaken the procedure to resolve the issue.

Australian crypto exchange firm, ACX, has stopped servicing of withdrawals and further transactions over the reason of mysterious inspection. ACX exchange has frozen the movement of funds north of $1 million, which has left the users on a confusing note, with many thinking they have lost all their investments.

This activity has been proceeding for more than a week now, says users who are trying to contact the ACX authorities as well but are ending up with no response. There have been further reports that he branches in Australia are closing as well, even the branch in Melbourne has closed without any notice.

An ACX user and trader Michael Whitethorn commented on this matter, stating that there has been completely no response from the ACX group for more than four weeks.

Michael has also taken up this situation to the government authorities and has shared the case on his Facebook group as well due to no response circumstance.

Michael brought this under the notice of the Australian Securities and Investments Commission (ASIC) for which the authorities have undertaken the procedure to resolve the issue.

The exposed funds of $1 Million is, however, just the tip of the iceberg or just a small sum of what is there. Michael is somehow optimistic about this as he thinks it’s just a technical or financing issue rather than a scam or a hack.

The no communication barrier from the ACX exchange with leaving only a note on its website stating that the wallets both hot and cold cannot be used to withdraw or any transaction over an audit process.

This is the only message the users have been able to get for over a month now. Many users have made this social over Facebook and Twitter and have taken this issue to ASIC.

The parent company of ACX, Blockchain Global has also reportedly not have taken any measures over the situation, says ACX user, he shared that even the parent company is not receiving or not responding with any news over this matter.

However, internal reports show that the parent company is taking some methods to see the issue before making any announcements. The users are much awaiting any new on this rather than any activity on the exchange platform.

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