As one exchange collapsed in Australia, another had already called in the administrators and it’s proving a minefield for people to get their money back.

An Aussie cryptocurrency exchange owes a whopping $50 million to creditors after it collapsed in mid-October as users were locked out and unable to withdraw their money.

Failed exchange Blockchain Global, which operated the ACX cryptocurrency platform, was originally thought to owe $21 million, according to administrators Pitcher Partners.

But 107 claims have now been submitted, taking the money owed by the company up to $48.9 million, Andrew Yeo, the administrator in charge, told The Australian.

It comes as digital currency exchange myCryptoWallet, which was founded by Jaryd Koenigsmann in 2017, went into liquidation this week after deleting its social media accounts. Some users complain they are owed up to $50,000.

It came after months of reports that customers were having difficulty accessing their funds, with the company previously claiming it had signed up 20,000 people to its platform.

News.com.au is not suggesting Mr Koenigsmann is responsible for users’ missing funds. He did not respond to request for comment. Liquidators for myCryptoWallet will give an update by December 17.

Meanwhile, documents lodged in relation to Blockchain Global with the Australian Securities and Investments Commission showed creditors are owed amounts ranging from a few thousand to as high as $8.3 million.

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