Igot, an Australia-based bitcoin exchange, seems to be failing to keep its promises. Founded in 2013, the company owes hundreds of thousands of dollars to its customers and clients.

ABC reported the ordeal faced by Igot customers who are unable to withdraw their money for months now, as well as investors who are taking the matter to court.

Speaking to ABC, Igot owner Rick Day acknowledged that the company was struggling to pay customers.

"I am well aware that customers are affected and customers are really unhappy with this but I would like to show each and every one that we have not lost their money. We have not run away with anything and we will return the money," he said.

In a press release, the Australian Digital Currency & Commerce Association (ADCCA), Australia’s leading council and representation of and for digital currency businesses along with other key industry participants, has shown its disappointment on the matter, with CEO Nicholas Giurietto saying that the impact on customers is clearly “devastating”.

“One way in which consumers can benefit from digital currency services while protecting themselves from this sort of risk is to deal with member of the Australian Digital Currency and Commerce Association”, he said. “IGOT is not a member of ADCCA and would not have met the requirements for ADCCA membership.”

ADCCA is currently taking steps to further strengthen consumer protection with the imminent launch of the new Digital Currency Industry Code of Conduct. To be formally launched next month, the development of a robust industry code of conduct was recommended by the Senate Enquiry into Digital Currencies in August 2015.

“ADCCA Certification under the new Digital Currency Industry Code of Conduct will provide an externally audited guarantee to consumers that they are dealing with a business with strong consumer protection processes in place. These include privacy and data security standards and membership of an external dispute resolution scheme”, Giurietto said.

“Crucially, the Code of Conduct also requires any digital currency exchange that receives customer funds but is unable to fulfill a customer order within 24 hours to place those funds in a separate trust account. This obligation would have provided protection to the customers of IGOT”.