Australian Exchange Igot Customers Unable to Withdraw as Insolvency Claims Surge
Not every Bitcoin exchange in the world is as successful these days, and the Australian Igot platform appears to be getting closer to collapse than ever. With investors being owed several thousands of dollars, things are looking more worrying than ever before. Also read: Storj Launches in Beta, Added to Microsoft Azure Igot Owner Rick Day […]
Not every Bitcoin exchange in the world is as successful these days, and the Australian Igot platform appears to be getting closer to collapse than ever. With investors being owed several thousands of dollars, things are looking more worrying than ever before.
Igot Owner Rick Day Acknowledges Problems
Mainstream media outlet ABC has taken an interest in the story of Igot and how owner Rick Day is not in a position to repay customers waiting for funds. The Australian media outlet got in touch with platform owner, Rick Day, who admitted he has a very hard time to make ends meet and complete customers’ orders.
Day told the media that:
I am well aware that customers are affected and customers are really unhappy with this but I would like to show each and every one that we have not lost their money. We have not run away with anything and we will return the money.
Affected customers of this platform do not see a rosy future, though, as they are legitimately concerned they will never see the funds again. Considering how some people have been trying to withdraw funds since last October – without success – it seems very doubtful things will be changing anytime soon.
One company who has funds tied up at Igot are taking things one step further and filed a lawsuit against the platform’s business entity, 13th Pty Ltd. However, Rick Day dismissed this news as a “commercial dispute.” Quite an unusual statement, considering Igot owes this investor close to US$180,000.
Insolvency Claims are Growing Stronger
At the same time, more rumors are circulating regarding Igot’s insolvency dating back several years ago. Jesse Chenard a former advisor for the company, noticed how Igot’s finances were not adding up back in 2014. However, Day dismissed these allegations back then, saying how it was a “small accounting thing.” Moreover, the platform owner claimed to own “other assets, which can cover any discrepancies.”
Complaints from Igot users are not all that difficult to find these days, as social media platforms are riddled with them. Several users feel not enough is being done to help people recover their money, and the lack of government regulation is not helping matters much either right now.
— AB (@Mirrorcrax) March 20, 2016
One of the affected Igot users, Owen Champion, stated:
It pisses me off. It took me forever to save up that money and I just assumed that since they’re in Australia there would be some sort of safety net or regulation or something like that — bare minimum — where he could be accountable for his actions and it seems like no-one’s really helping.
Some users have tried to file a complaint with the Australian Securities and Investment Commission, and the Australian Competition and Consumer Commission. Unfortunately, both organizations have mentioned how this is something outside of their control, and they will not be offering any help.
What are your thoughts on the Igot situation? Will these people ever see their money back? Let us know in the comments below!
Images courtesy of Igot, Shutterstock