Crypto Exchange arbX Claims “Complete Loss of Funds”

Crime, FinTech, Investing, News | July 10, 2017 By:

The cryptocurrency platform arbX  has told its investors that a “technological issue” has led to “a complete loss of funds,” leading to uproar from its customers.

The platform, which maintains three separate funds, told one investor that all was lost.  The investor shared that information via Reddit. “I regret to say we are looking at a complete loss of funds – they were all centralized to wallets for the school weekend away as we do not regard exchanges as safe nor did we want any fiat over the holiday,” said a statement allegedly from founder Jonathan Weltman in the communication.

The service had approximately 100 customers, but there were no indications on the total lost. The company has stated that it intends to restore the lost funds, but has not yet provided details on how or when that may happen.