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Bitcoin exchange igot responds to media coverage saying they are not insolvent

Troubled bitcoin exchange igot recently came under more fire when the story of their exchange problems hit main stream media, and ABC news did a story on how customer funds are held up at the exchange which has been experiencing funding delay issues for a long time now. A former advisor to the exchange spoke out as well saying that exchange is insolvent.

igot is an Australian based exchange which allows users to buy and sell bitcoins using their site. However, over the past year at least, igot has had their fair share of customer complaints relating to depositors having issues withdrawing their funds from the exchange.

When we spoke to founder and CEO Rick Day of the exchange in October, he told us that igot has experienced compliance issues when dealing with banks in Australia. He expressed his frustrations with users but claimed that the exchange was legit and would be working with customers to fix their account issues; it seems though this was a false promise as customer issues have continued.

In a statement made today, igot said they wanted to address the recent media coverage, and said that there are “inaccuracies” in statements made by the Australian Digital Currency Commerce Association (ADCCA). In the statement they said that they refute the claims that they are insolvent and that “delays surrounding refund payments to some customers has been an unfortunate combination of factors, which are now close to resolution.” They went on to say again as they have several times in the past that they will continue to resolve outstanding customer issues.

In addition, igot says that they will soon be under new management. As part of the statement, igot announced the following changes, which they believe will help address customer issues:

igot will soon be under new management in the coming weeks, with the date to be announced within days.

igot will be refunding any affected customers, and in the coming weeks will set up a live chat support to enable customers to receive information in real time. From today, affected customers can request live support from http://widget.igot.com/livechat/.

Each affected customer will be assigned a dedicated account manager who will be their point of contact. The igot service will become more transparent and show real time progress to its users.

igot will guarantee immediate turnaround for customer deposits and withdrawals from May 1. An automatic reversal procedure for unused fiat will also be implemented, whereby cash deposits to purchase bitcoin will be reversed into customers’ verified bank accounts if customers do not purchase bitcoin within 30 days.

igot is happy to work with the ADCCA for future trades when it officially launches, and would fully support the common code with some recommended changes.

Unfortunately for many, this is the same story they have heard before. But possibly with the new media coverage some changes may happen, but the future doesn’t look good for the exchange. At the time of this publishing, the exchange has one of the lowest customer feedback ratings for all bitcoin exchanges on the market, currently rating 1.79 out of 5.

Tags in this story
Australia, bitcoin exchanges, Igot, Rick Day
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David Shares

David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.