CoinJelly, Bitcoin Exchange and Wallet Closes all Users Accounts within 24 Hours


CoinJelly, Bitcoin Exchange and Wallet Closes all Users Accounts within 24 Hours

As the ownership of the company changes, CoinJelly’s founder and director Ash King has said that CoinJelly is closing the accounts of users within 24 hours. It has surprised many users as this has come suddenly as not many of them had thought of any such decision. Interestingly, Ash King does not want to disclose any other facts about the decision.

However, talking to the media King said that CoinJelly would not take the wallet down until the company has exhausted all avenues over the coming days to contact users. Also, according to him already, 95% of the Bitcoin owned by the company’s users have been withdrawn, with not one wallet now containing more than 2 BTC.

He also cleared that his company has a small fund to cover any people who may be occupied this week or cannot access their email or phones. CoinJelly, the Australia-based company was launched earlier this year with a lot of fanfare, sent emails to its customers wherein it mentioned that it will need them to remove their coins from their wallet within the next 24 hrs.

The news came to the public when a lot of customers started tweeting about the mail and wanted a response from the organization. They showed their concerns about the abrupt decision to stop the services. According to the email sent to existing customers the CoinJelly site would be taken offline at 12:00pm (AEST) on December 12th.

Unprofessional Handling of the Situation

The email further makes it clear that after that point, customers’ coins will not be accessible for anyone including the company; therefore, they must take the same out. However, at the same time the official website of the company does not display information about the account closures on the home, FAQ or support pages, this is disappointing the users.

Several existing users have complained that they are unhappy about the handling of the situation by the company as according to them giving just 24 hours warning ‘or else lose the Bitcoin’ is not really great and extremely unprofessional. The number of disgruntled customers has gone up as well because a lot of them feel mishandled.

Though CoinJelly marketed itself as “the world’s first insured Bitcoin wallet”, this has proven difficult to verify. After the unprofessional handling of the situation wherein users can lose their Bitcoin, the company says that it may come with any decision regarding future course of action in the next couple of months.

To contact the reporter of this story: Deepak Tiwari at