Chaos as Australia's highest profile crypto trading platform COLLAPSES with furious users left owing tens of thousands of dollars Cryptocurrency trading platform myCryptoWallet liquidated with users owed Founder Jaryd Koenigsmann has not spoken about company's ongoing dramas Users have complained about myCryptoWallet since 2019 By Peter Vincent and Aap Published: 22:24 GMT, 6 December 2021 | Updated: 22:45 GMT, 6 December 2021 Viewcomments A high-profile cryptocurrency trading platform has collapsed leaving hundreds of users furious over losses incurred when it failed to return their funds. The exchange myCryptoWallet, run from Melbourne, was been placed in liquidation and its tattooed founder Jaryd Koenigsmann remains silent about the company's long-running dramas. It was launched in 2017, functioning as a digital marketplace to buy and sell cryptocurrency, but was under investigation by the Australian Securities and Investments Commission after complaints from users began in 2019. The collapse of the company, which launched with multiple media appearances by Mr Koenigsmann, has caused further concern about the state of the crypto market. Customers of myCryptoWallet began complaining publicly of difficulties withdrawing from the exchange and that they could not trade due to authentication and website issues. It suspended services twice in 2019 following reported losses, including halting its myCryptoCard program following 'deposit technology partner' terminated a contract. The company also began to scale back customer service hours, infuriating users. MyCryptoWallet made several claims including being 'Australia's most advanced digital currency solution' and Australia's first fee-free platform. Mr Koenigsmann also launched a digital pet classified service with considerable fanfare in 2019, myNewPet. Its selling point was it could verify the identity of buyers and sellers instantly. Another 200,000 Australians have joined the ranks of cryptocurrency investors this year, according to the tax office. Up from an estimated 600,000 in 2020, the latest data shows there are more than 800,000 individuals transacting in cryptocurrency, the Australian Tax Office told AAP on Friday. 'We are continuing to see an increase in Australians participating in the cryptocurrency market,' an ATO spokesman said. The ATO matches data from cryptocurrency service providers to individual tax returns to make sure investors are paying the right amount of tax. There are no separate figures available for non fungible tokens (NFTs) amid the global craze for digital art, music, gaming items and other collectibles. 'The tax treatment of NFTs follows the same principles as cryptocurrencies,' the spokesman said. Worldwide, the NFT market value is predicted to hit US$10 billion ($A14 billion) by the end of this year, up from just US$338 million in 2020, according to investment information firm Invezz. As well as getting transaction data from cryptocurrency exchanges and banks, the ATO also shares data with the financial intelligence agency Australian Transaction Reports and Analysis Centre (AUSTRAC) and overseas tax agencies. 'The majority of Australians do want to pay the correct amount of tax and seek to report their gains and losses correctly,' the ATO spokesman said. more to come Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility