Topic: Cryptoxchange GIVE ME MY MONEY (Read 3179 times)

Anyone taken them to small claims court yet?

How do I know what?  Their upgrading of the Mr Bitcoins site implies that they intend to keep operating that business.  Otherwise, why not a shut-down notice on that website as well.  KenseyCol operates both CryptoXchange and MrBitcoins (as well as a few other businesses).  If they are insolvent, they can't legally continue operating any of them.  I'm not only in Australia, but I'm in the same state as the operators of CryptoXchange.  I spent over 30 years working in business administration - I'm well aware of the duty directors of Australian companies have under the  Corporations Act to prevent insolvent trading (s 588G) and the penalties for breaching that duty ( s 588G and s 1317G).  In addition to the statutory obligation to prevent insolvent trading (which allows for both civil and criminal penalties) a common law obligation also exists.

While there are circumstances under which a company in financial trouble can continue to trade, it requires the appointment of an administrator and companies which are under administration must disclose that fact and the administration must be reported to ASIC.  The ASIC register is showing no record of any type of insolvency (voluntary or otherwise) for KenseyCol.

In fact, KenseyCol registered yet another business in July this year.

https://connectonline.asic.gov.au/RegistrySearch/faces/landing/bySearchId.jspx?searchId=159519687&searchIdType=BUSN&_adf.ctrl-state=zl6yve47k_22

http://www.centralwestautos.com.au/

This business is actively trading - there are current ads for their cars on places like Trading Post.

Now you can certainly choose to believe that they're running around opening new businesses while insolvent if you like, but can you see why the assertions by WME that his lawyers cannot locate them are beyond ridiculous?

How do you know that and who is "they"?

Shutting down a business because it's not profitable is not the same as being insolvent.  It doesn't matter if CryptoXchange is losing money hand over fist as long as KenseyCol (the actual company) can meet the financial obligations of CryptoXchange.  I know it's not very satisfying to the community, but the truth is that people can shut down a company for any reason they like and if they can meet their financial obligations they don't really owe anyone explanations about why they no longer wish to operate the business.

It is a waiting game right now, but the fact that they're upgrading the MrBitcoins site suggests that they intend to keep operating that business - something they would not be able to do if the company is insolvent.  There is no indication that they're planning to shut down MrBitcoins and the notice about upgrading the site is new - it's been posted since the announcement of the CryptoXchange shut-down.

I guess we all just wait and see what upgrades are made to the MrBitcoins site (this is supposed to be done by 26 November) and whether payments start being processed over the next couple of weeks. 

I read in another thread that apparently the main guy behind CryptoXChange has been very ill recently so a little patience might be required (in my dealings with them I have never had any problems so hopefully the shutdown will go smoothly).

If they don't want to show up, they won't make a post here where we can question them... 

where's their official thread

weren't they doing that before or is that a promise that they will now get a move on...

In order to start the process of withdrawing my funds I need to edit profile. Profile link has a 404 error...  

Ok working now.... fingers crossed... I have now put in all my bank information and await verification..

If you guys hadn't noticed the following is now on their main page:

Great, That was going to be Christmas money....how do you get it out??

I made a deposit yesterday thats not shown today

where's my 0.1BTC cryptoxchange??

Looks like they may be having issues with their BTC transactions as well.  I made this deposit yesterday and it has still not been credited to my account, even with 101 confirmations:

Status: 101 confirmations, broadcast through 8 nodes
Date: 11/13/2012 20:37
To: Dustin D. Trammell - Crypto X Change Deposit 1ACnc6YXi8rxKWcWWqMgmhVwvqSw9LMyu
Debit: -200.00 BTC
Net amount: -200.00 BTC
Transaction ID: 3771310a727e805fe5c08419dfa9efa7c600a9ef21fe84df280e94f7b572734f

I thought that BTC deposits were automated and were credited after 6 confirmations as is standard among most Bitcoin webapps.  I have opened a support ticket, we'll see how long it takes them to resolve this one...

Guess what? It worked. Commenting on an already submitted support ticket seems to be the minimum threshold for getting support tickets actually looked at.

Very fucking sloppy. But at least now we know how to get our requests for our own money actually looked at.

I am also having trouble getting $1500 USD out. Made request 11/1. Was asked to update my account info. I did so, they closed support case. Transfer sits as "booked" in their UI. Tomorrow will be the end of their 7-14 day expectation. I will open a new support ticket.

Not happy with this exchange at all.

Thanks for the tip, I'm going to give that a try right now.

https://bitcointalksearch.org/topic/scam-report-against-cryptoxchange-100k-usd-85977

I wouldn't worry. The tagline on their logo says they are "The Ethical Exchange".

This sounds pretty bad.

Yeah I won't trade there anymore, just too unpredictable and it's got worse the last few months. Unfortunate because they had something really promising for a while there.

This is concerning.  Absent AML issues, it shouldn't take more than a couple of days for a direct deposit to hit your Australian bank account - and that's if it has to be done manually, you're not with their bank and it's the first withdrawal to that account.  Two weeks is unacceptable even if there are AML issues - they should have at least contacted you to obtain whatever they needed and there's no excuse for them not responding to helpdesk requests (this seems to be a common complaint lately).

It's a bit worrying that we no longer hear anything about them these days unless it's people posting about unreasonable delays in withdrawals.