Entrepreneur behind collapsed crypto wallet

1 month ago 19

Fast Legal Services in Dubai

He was once praised as one of Melbourne’s best young entrepreneurs, but now he’s making headlines for other reasons.

Three years ago, Jaryd Koenigsmann was labelled a young “successful serial entrepreneur”, up for an award as one of Melbourne’s best.

Fast forward to today and the 28-year-old is making headlines for another reason.

Digital currency exchange myCryptoWallet, which Mr Koenigsmann founded in 2017, has gone into liquidation.

SV Partners were appointed to wind up the prominent Australian trading platform on Friday and the collapse left aggrieved customers unable to access their funds, with some users saying they were owed up to $50,000, The Australian reported on Tuesday.

It came after months of reports that customers were having difficulty accessing their funds.

A creditors’ report is expected to be filed by December 17.

The company’s website says the platform – which once claimed it had 20,000 users – offers a “user-friendly, customer-centric, all-inclusive digital currency service, with a serious and mindful approach to maintaining a high-level of security and customer safety”.

It also states “the power of Blockchain distributed ledger technology” makes users’ wealth “more secure and traceable than a bank vault”.

A senate inquiry in October recommended exchanges such as myCryptoWallet be regulated to provide assurance to investors.

Australian Securities and Investments Commission chairman Joe Longo has warned consumers to be “very careful” when dealing with crypto.

News.com.au is not suggesting Mr Koenigsmann is responsible for users’ missing funds.

Mr Koenigsmann was also the man behind myNewPet, an online pets classifieds company launched in 2019.

At the time, Mr Koneigsmann told the Herald Sun he had locked in support from the UK Government to expand into England, plus a new partner in a huge international pet transport company.

But the company went into liquidation last year, with debts of $43,138 according to The Australian.

Mr Koneigsmann was nominated for Business News Australia’s Melbourne Young Entrepreneur Awards in 2018 for myCryptoWallet, myNewPet and Node Coworking, an office space in Collingwood that was reportedly sold last year.

“Jaryd Koenigsmann is an entrepreneur for the next generation,” the website said.

“Jumping on the blockchain train, the world of crypto and co-working, Koenigsmann has quickly become a successful serial entrepreneur.”

Mr Koneigsmann did not respond to request for comment.

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