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It's good that WEX just added Zcash (ZEC)
great coin.
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Global market is down 2-4%
wex was inflated 10% due to the low liquidity...
Maybe prices are simply re tracing to proper values.
It'd be a good sign though.
But what is the reason for the sudden price drop? Surely the exchange must be manipulating the prices. |
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So why the sudden dump in all the crypto prices on WEX over the last few hours?
I see the same dump on bitfinex (ltc) and bitstamp (btc). am I missing something? I am talking about 12-18% across the board against USD. |
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So why the sudden dump in all the crypto prices on WEX over the last few hours?
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Where are Binance located?
They seem to be the only exchange that has IOTA and SALT atm.
Just want to learn more about them.
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the main problem here is that users don't take 2FA seriously. they quickly put the token on their main phone without backing it up anywhere, then they cry when they lose their phone. one should always have tokens backed up on multiple devices, and written down on a piece of paper as well.
There are lots more problems than that. What if someone gets access to your smartphone and the 2FA app? There is more smartphone malware and hacks coming out each day than desktop malware nowadays. Add to that exposed NSA and other government back doors. Smartphones would be the last place I would consider secure. But on the topic of WEX, obviously the old BTC-e tokens don't work and they have had to setup 2FA again. |
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well the 2FA from before isn't working and they've said I need to verify w/ passport to reset it, which then bans me i would guess. was just hoping there was a way to withdraw the coins and then shutdown the account with support afterwards if a us citizen.
thanks for the link, will check it out. definitely sucks whats going on but nice to see btc gives no fucks
I learned years ago that 2FA is a critical point of failure, outsourcing your security to a 3rd. party by means of an authenticator app, I hate it with a passion. |
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any suggestions on what someone from US should do if they currently need to verify? really frustrating to give away coins like this
Try and withdraw BTC if it works it works. The problem with the US is fiat, the American banksters are trying to control the fiat to crypto exchanges because they can't control crypto, the ones they cannot control they attempt to shutdown with stories of money laundering, drug trade, stolen Mt Gox funds and other unsubstantiated claims so they can get foreign government to raid data centers, or suspend fiat accounts. Watch this video https://www.youtube.com/watch?v=FyK4P7ZdOK8 it explains what's going on with crypto to fiat exchanges being closed around the world. |
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if we are just trying to verify account to withdraw BTC and never traded in fiat and have no fiat balance, does it matter if it is US citizen doing that? or are they banned now and BTC is taken from accounts?
US citizens are most definitely banned from WEX. https://wex.nz/page/1By using WEX Services you further agree to the following statements:
1. represent that you are:
(a) NOT an individual who is a resident of the United States of America, its territories or possessions, any state of the United States of America or the District of Columbia (the “USA”);
(b) NOT a corporation, partnership or other legal entity formed under the laws of the USA;
(c) NOT an agency, branch or office located in the USA of a corporation, partnership or other legal entity that was formed under laws other than those of the USA;
(d) NOT a trust of which any trustee is described in (a), (b) or (c) above;
(e) NOT an agent or a fiduciary acting on behalf or for the benefit of an individual or entity described in (a), (b), (c), (d) above.
2. Your decision to use WEX services was:
(a) NOT based, at least in part, on information You received or communications You exchanged while You, or the person providing the information or with whom the communication was exchanged, was within the USA;
(b) NOT made inside the USA; and
(c) NOT communicated to WEX from a source within the USA. That said, I would imagine some US citizens will find ways to avoid being discovered. |
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No support. Have been locked out since 7/2/2017.
All excuses, wait for verification etc...
I get this message:
Please wait for verification next week...
Then
Hello! Due to technical reasons users blocked because of white IP or 2FA problems can pass verification only after techsupports notification in the ticked about their issue. Users blocked by other reasons can have access to their account.
So anyone care to translate this garbage?
I know of 6 people just talking on here that has the same issue. I know there are more.
They haven't got their Verification provider sorted out yet, they are not using the same provider as BTC-e did. |
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2FA is one of the dumbest ideas ever, I left my iPhone that has the Google auth app on it, at work yesterday, and wanted to do some things at home that required 2FA, couldn't do a thing.
Meh, that's pretty crappy logic. The obvious solution to that is to keep your token on more than one device (you should do this anyway for easy recovery in case of device malfunction). YubiKey can attach to your keychain, so this would never be an issue. This seems like a no-brainer if you are serious about your account security. High-value targets not using 2FA on their accounts is simply crazy. There's no more secure way (yet) to authenticate, at least not until biometric authentication is the norm. I'm not looking forward to that.  My online bank accounts don't require 2FA so I can't see why a crypto exchange that has only a tiny fraction of my savings does. 2FA is a fckn support nightmare as we have seen. Go get a help desk job taking calls from 70year olds explaining 2FA to them, and why they are too slow to get the pin right each time. |
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Been waiting 5 months now to get my 2FA reset.
Every time I have had to wait weeks/months and there has been an excuse as why it's not possible.
I have been super patient but this is borderline taking the ...
I have gone through their latest steps and was told in email two weeks ago today would be the day, and today i'm still unable to reset my 2FA with no clear explanation given by support.
What is this all about? And you want people to put money on your exchange?!
Anyone else had issues like this?
WEX hasn't been around for 5mths. How do you know that? I also saw another exchange called inikas.com that sure looked like BTC-e, was it also the same people relaunching? WEX could have just bought the rights and client base of BTC-e. The people are obviously different because BTC-e use to have a support person in English trollbox a lot of the time banning clowns, now there is only Russian trollbox support person. true but still the same people relaunching ... |
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Been waiting 5 months now to get my 2FA reset.
Every time I have had to wait weeks/months and there has been an excuse as why it's not possible.
I have been super patient but this is borderline taking the ...
I have gone through their latest steps and was told in email two weeks ago today would be the day, and today i'm still unable to reset my 2FA with no clear explanation given by support.
What is this all about? And you want people to put money on your exchange?!
Anyone else had issues like this?
WEX hasn't been around for 5mths. 2FA is one of the dumbest ideas ever, I left my iPhone that has the Google auth app on it, at work yesterday, and wanted to do some things at home that required 2FA, couldn't do a thing. |
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I wouldn't assume either way. It's certainly possible that they are insolvent. But they debited 39-45% of peoples' funds from their accounts to account for that shortfall. It's very possible that the admins were selling coins OTC to rebuild their fiat reserves. We also don't know how much of their fiat reserves were actually frozen and how much was sufficiently unaffiliated with BTC-E. I think their bigger problem is inability to easily move fiat, which is no surprise. We know none of Mayzus' companies will work with WEX now. If you read the official announcement on https://wex.nz/news/1 you will see it contains: Dear users! Team of WEX is glad to welcome you on our new platform! This is our first official announcement! We thank all ex-users of BTC-E for their patience at such a difficult moment for all of you guys. We on our part have spent a lot of efforts and energy to create a new platform for trade in the shortest time limits. Our platform will operate according to AML/KYC laws and world legislation in this field. You can find all the detailed information here https://wex.nz/page/1We would also like to thank the technical team of btc-e for their professional help of transferring digital profiles and data of users and also want to emphasize that our company did not cooperate with BTC-E Always Efficient LLP in any way and did not receive their funds.General information explaining the state of things will be posted regularly on our news channel. I presume they mean fiat when they say "funds", which makes perfect sense as OKPAY suspended all fiat accounts to do with BTC-e. |
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Are you saying they are running fractional right now?
Hell yeah on fiat for sure. Seems to be fine on crypto reserves. |
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I'm still holding USD there. Definitively not taking a 5% haircut! edit: wow, checked again and the advcash fee is 10% now  Thats too much fee.They posted that they plan to lower fee . I already waited 10-12 days for bitcoin rate to improve but its getting worse... But, I think I should wait more for lower fee. The fiat withdrawal fees have most likely been raised to 10% in an effort to stop the carry trade from other exchanges exploiting the high crypto price on WEX. 10% is probably not enough. eg. USD/BTC is currently trading about 13% higher on WEX than other exchanges. |
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It seems like it's too late for that now. People have been actively trading and withdrawing, so those balances are set in stone. It's interesting to recognize that Bitfinex is in a similar position: unable to process fiat deposits or withdrawals, with Tether as the only means to move fiat value around.
It's also not necessarily true that the fiat "isn't there." The same goes for Bitfinex. Inability to reliably move high volume USD is not the same as being insolvent. Don't get me wrong -- for all I know, WEX is insolvent. But I just mean that it might be a bit more complex than that. US-facing poker sites have generally charged high withdrawal fees ever since the US government shut down the major sites in 2011 (some sites offer a couple free withdrawals per year).
I think we can safely assume the fiat funds are not there simply by the existence of IOU tokens, if the funds were there tokens would not be required. The problem is they most likely didn't issue enough fiat tokens to fill the gap between the actual fiat reserves to the total fiat debt. Smarter use of USDT early could have helped things a lot, because that could be bought using crypto from other exchanges to top up a USDT wallet on WEX. Then issue IOU tokens for the crypto they used to do that. Then they could have issued USDT instead of USD and USD/USDET tokens to redeem down the track for real fiat. Probably a RUR/USDT and EUR,USDT pairs would have been needed too. Trading crypto for USDT instead of USD would have prevented the 10% price gap between exchanges and made things more stable on WEX. In the meantime they could explore methods for topping up real fiat without as much pressure. Now we have the silly situation were BTC/USD on WEX is trading for $4150, about 13-15% higher than other exchanges, be because the USD on WEX is worth less. |
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WEX have increased their fiat withdrawal fees to 10% and added USDT as a method which is not a bad idea, even if USDT is a scam it's still honored at other exchanges. Minimum $1,000 USDT
I presume the increase in fees to 10% is to stop a bank run on fiat when they don't really have reserves. It will anger the crap out of fiat bag holders, but it will allow desperates to get most funds out. Can't see it encouraging fiat deposits which is ultimately what they need to top up the reserves.
Another reason might be that the main fiat/crypto pairs have been trading on WEX 10% higher than on other exchanges, so the high fee would stop people moving crypto in from other exchanges and cashing it out in fiat once again draining the fiat reserves.
They screwed up by giving the fiat holders 61% in fiat (probably to save face) instead of near 100% in IOU tokens, now people are trying to withdraw fiat that isn't there. A really silly move, oh well. It would be much nicer for all on WEX if they stop pretending there is fiat, when there is obviously a drastic shortfall, and issue fiat IOU tokens instead until there actually are some significant fiat reserves.
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I think WEX should add:
ZEC
ETC
XMR
These are the 3 next most traded PoW coins in the list that the don't have, BTC-e seemed to focus on PoW coins rather than pre-mined tokens, I presume WEX is similar.
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