Aussie bitcoin industry rushing to bring in tougher code of conduct amid exchange’s collapse

The Australian virtual currency industry is in a rush to bring in a new set of guidelines following reports that a local bitcoin exchange has gone under, bringing with it thousands of dollars in customers and clients’ money.

Local media reported early this week that Igot, an Australian-founded international bitcoin exchange, “appears” to be on the verge of collapse. According to, Igot buys and sells bitcoins on behalf of its customers, but the company hasn’t been able “to completely deliver on those bitcoins or refund” its clients’ money “for months.”

Igot owner Rick Day told the news outlet he is “well-aware that customers are affected and customers are really unhappy,” but he maintained that they “have not run away with anything” and that they “will return the money.”

The statement, however, has failed to calm the agitated customers and clients who want their money back. One customer, who claimed he has been trying to withdraw AUD13,000 worth of bitcoins since last year, thinks the bitcoin exchange is “not being transparent” by repeatedly giving its customers “reasons that don’t stack up.”

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