Auckland-based cryptocurrency exchange Dasset has reportedly gone into liquidation, leaving its customers unable to access their funds.

The situation has sparked outrage among hundreds of customers who have found themselves locked out of their accounts, facing the frustrating reality of being unable to retrieve their crypto assets.

Some individuals have substantial amounts, with tens of thousands of dollars worth of cryptocurrencies effectively trapped within the platform.

The distressing situation came to light through reports by local media outlet The Herald, which shed light on the plight of affected customers.

One account revealed a customer’s desperate attempt to withdraw their entire life savings of $40,000 from their Dasset account, which has been met with unexplained difficulties for three months.

Another customer shared their ordeal of receiving a direct credit from the company’s CEO, Stephen Macaskill, yet remaining unable to access their account.

According to Macaskill, Dasset found itself in this predicament after losing its existing banking provider in January, leaving the exchange unable to secure a suitable replacement.

As a result, the company had no choice but to initiate voluntary liquidation. However, despite Macaskill’s assertion that a liquidator had been appointed, affected customers are still unable to access their funds, causing further frustration and uncertainty.

New users are surprisingly still able to sign up for the platform, despite the ongoing issues surrounding withdrawals.

While email addresses and phone numbers have been removed from the Dasset website, a request form remains accessible to those seeking assistance.

The platform’s frequently asked questions (FAQ) page outlines the process for users who are eager to withdraw their funds.

Disturbingly, reports suggest that some users have been grappling with the inability to access their funds since as far back as April, even for relatively small amounts like $5,000.

The website fails to provide clear instructions for both existing and new customers on how to navigate the withdrawal process.