CryptoXchange gone broke?

[DobZombie]

Dear Clients,

Effective immediately Crypto X Change will be shutting down trading / deposits and returning all client funds. 
Please do not deposit any bitcoins to your unique deposit address or do not deposit any AUD or USD via any deposit methods. All deposits made on 19th before this announcement will be returned without any fees.
You can use the website to place your withdraw requests and withdraw coins.
Please send your questions or support reuqetsts to  support@cryptoxchange.com.
It has been a pleasure working with the Bitcoin community and we wish Bitcoin a great future ahead.

Please follow our blog for more updates.
http://www.cryptoxchange.com/blog/

Regards,
Crypto X Change

Looks like they've gone broke.  Which is a shame, used to be able to sell bitcoin at a higher rate than MTgox.

This might explain why it look them nearly 2 weeks to send me my cash.

Anyone else know anything?

[RedBill]

Know nothing.  Ask no questions.

[Hasimir]

I think the writing has been on the wall for this for a while.  They were never even able to get SMS security confirmations working for me and that was months ago.

[CIYAM]

Just from the lack of trading volume (ever since it started really) it was fairly obvious that this company could not even afford to pay for one full-time skilled employee (which would explain why the severe lack of service).

Unfortunately I think Aussies are just not quite ready to buy/sell bitcoins in large enough quantities to justify having an Aussie focused exchange (hopefully this will change down the track).

[DobZombie]

Here is a screenshot of exchange rates this afternoon



How the hell did exchanges of $22AUD per Bitcoin happen?!?

[CIYAM]

Most likely no such trades actually occurred (had read in another thread that prices have shown up there that never actually went through as trades).

[DobZombie]

yep, you're right.  Here is the last days worth of trades.

Quantity(BTC)    Price(AUD) Amount(AUD)  Date
14.00000000   13.70000   191.8000         11/19/2012 9:38 AM
17.38000000   13.60000   236.3680         11/18/2012 12:41 PM
7.24769882   13.56000   98.2788         11/16/2012 8:01 PM
10.00000000   13.25000   132.5000        11/17/2012 2:56 PM
10.00000000   13.15000   131.5000         11/17/2012 2:57 PM
34.94000000   13.10000   457.7140         11/16/2012 1:25 PM
20.00000000   13.00000   260.0000         11/16/2012 9:47 AM
15.00000000   12.90000   193.5000         11/16/2012 6:53 AM

https://www.cryptoxchange.com/Data/BidListHomeGrid

[davout]

monitoring

[Stephen Gornick]

Here is another thread on the topic as well:

This is an ex-change (cryptoxchange closes shop)
 - http://bitcointalk.org/index.php?topic=126732.0

[repentance]

Dear Clients,

Effective immediately Crypto X Change will be shutting down trading / deposits and returning all client funds. 
Please do not deposit any bitcoins to your unique deposit address or do not deposit any AUD or USD via any deposit methods. All deposits made on 19th before this announcement will be returned without any fees.
You can use the website to place your withdraw requests and withdraw coins.
Please send your questions or support reuqetsts to  support@cryptoxchange.com.
It has been a pleasure working with the Bitcoin community and we wish Bitcoin a great future ahead.

Please follow our blog for more updates.
http://www.cryptoxchange.com/blog/

Regards,
Crypto X Change

Looks like they've gone broke.  Which is a shame, used to be able to sell bitcoin at a higher rate than MTgox.

This might explain why it look them nearly 2 weeks to send me my cash.

Anyone else know anything?

I know that Ken has serious health issues which may have affected his capacity to keep on top of the business and that people were advising him to either shut down or sell the business months ago for the sake of his health.

Fraud attempts may also have factored into the profitability of the exchange.  They didn't have a large volume anyway and you don't have to lose much to fraud for the effects to be catastrophic when you're new and small.

As they're operated by a company, I'd expect them to go through formal insolvency processes for their own protection if they are indeed broke - which would be a matter of public record.  This may well be more a case of them believing that the writing is on the wall and deciding to get out before insolvency becomes inevitable.

[Crypt_Current]

Here is a screenshot of exchange rates this afternoon



How the hell did exchanges of $22AUD per Bitcoin happen?!?

Probably due to fiat sitting in accounts there being extremely difficult to withdraw via any other method beside converting to BTC at whatever asks were posted.  A bank run of sorts.

[Crypt_Current]

yep, you're right.  Here is the last days worth of trades.

Quantity(BTC)    Price(AUD) Amount(AUD)  Date
14.00000000   13.70000   191.8000         11/19/2012 9:38 AM
17.38000000   13.60000   236.3680         11/18/2012 12:41 PM
7.24769882   13.56000   98.2788         11/16/2012 8:01 PM
10.00000000   13.25000   132.5000        11/17/2012 2:56 PM
10.00000000   13.15000   131.5000         11/17/2012 2:57 PM
34.94000000   13.10000   457.7140         11/16/2012 1:25 PM
20.00000000   13.00000   260.0000         11/16/2012 9:47 AM
15.00000000   12.90000   193.5000         11/16/2012 6:53 AM

https://www.cryptoxchange.com/Data/BidListHomeGrid

hmm interesting; nevermind me.

[420]

where's their official thread?

[DobZombie]

the only other cryptoXchange threads I have seen are all in SCAM ACCUSATIONS