Australian Bitcoin Industry Weighs up Code of Conduct as Igot Exchange Nears Collapse

By April 11, 2016Bitcoin Business

The Australian Digital Currency and Commerce Association (ADCCA) is recommending a code of conduct for bitcoin companies on account of the inability of the Igot bitcoin exchange to deliver bitcoins people paid for or refund their money, according to ABC .

Igot clients said the exchange owes them hundreds of thousands of dollars. The exchange has been unable to deliver on purchases or provide refunds for months. The exchange was launched in 2013, according to its website .

Nicholas Giurietto, ADCCA chief executive, said Igot customers have been devastated. The association expects to have a code of conduct published in a few weeks to stop users from losing money from bitcoin companies that fail, even though Igot is not an association member. Igot Owner: Money Isn’t Lost

Rick Day, the owner of the exchange, told ABC he was struggling to pay customers. He said he is aware customers are affected and unhappy, but he wanted to assure them the exchange has not lost their money.

“We have not run away with anything and we will return the money,” Day said.

Akram Bekzada invested with Igot in 2014 and has been trying to withdraw $13,000 worth of bitcoins since last October, according to ABC . He said Igot is not being transparent about the issue. No Legal Recourse with Bitcoin

Bekzada said he filed complaints with the Australian Securities and Investment Commission and the Australian Competition and Consumer Commission, both of which said there was nothing they could do. Bekzada said regulators should be “ahead of this game” instead of waiting to decide who should be in charge of such problems.

Zhenya Tsventnenko’s company, Digital CC, is owed $180,000, and has taken court action, according to ABC.Owen Champion, a software developer, tried for months to withdraw $7,000 worth of bitcoin from Igot. After […]

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