BTC-e hacked ??

[ahmedjadoon]

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.

[1714006616]

1714006616

[1714006616]

1714006616

[1714006616]

1714006616

[erk]

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.

[Beldar]

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.

Yeah, thats a problem because this way many people brings crypto into Wex, sell and request a fiat withdraw. Wex is running out of fiat  due to this and then increased fees but this is leading to trade volume reduction which is not good for the business. They need to bring more fiat to the equation to get things back to normal but sure its not easy being easy for them because there is millions of fiat in users accounts but they didnt' get any fiat from Btc-e when the platform started.

[omarabid]

Are you saying they are running fractional right now?

[erk]

Are you saying they are running fractional right now?

Hell yeah on fiat for sure.
Seems to be fine on crypto reserves.

[romani245]

Are you saying they are running fractional right now?

Hell yeah on fiat for sure.
Seems to be fine on crypto reserves.

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.

[erk]

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/1

We 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.

[squatter]

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/1

We 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.

Of course they would say that. By all appearances, they are BTC-E, so naturally, their terms say "we aren't BTC-E." Do you really take them at their word?

Think about it: Who buys a "database of accounts and all associated obligations * 55-62% + tokens" and "did not receive funds" to cover those obligations? As if WEX is just some charity giving away free money?

If they were smart, not only was 100% of the fiat not frozen, but the admins pocketed a good amount for their troubles (and towards their retirement). And I think they are pretty smart.

[omarabid]

Are you saying they are running fractional right now?

Hell yeah on fiat for sure.
Seems to be fine on crypto reserves.

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.

they seem to be re-establishing fiat tunnels now. I assume they "somehow" own/run advcash. But now they have tether too and a handful of other options I don't know.

What a world we are living in.

[MAbtc]

they seem to be re-establishing fiat tunnels now. I assume they "somehow" own/run advcash. But now they have tether too and a handful of other options I don't know.

What a world we are living in.

Yes, my suspicion from the day of launch was that Advcash is operated by them. Perhaps others, too. It would be impossible to establish that from online sleuthing, but it's conceivable that they would buy a payment processor and operate as they always have. Why not?

They accepted Tether for deposits earlier this year; it's possible they held some in reserve. I imagine they may have acquired a good deal from Bitfinex, given the apparent demand for fiat output. Hopefully the exodus blows over and the exchange is viable for the longer term.

[erk]

Looks like Vinnik is going to be extradited to the US, though I think his lawyers get to appeal the decision.

https://www.cryptocoinsnews.com/alleged-btc-e-admin-bitcoin-launderer-will-extradited-u-s/

I am still not entirely clear on what crimes he has supposed to have committed in the US that warrant extradition.

All the Mt Gox claims are largely irrelevant because Mt Gox was based in Japan.

[economist]

ETHET trade at 40% now

Luckily I sold at almost 50%, and recovered over 80% of funds which is great. Business as usual now

[jojo69]

Looks like Vinnik is going to be extradited to the US, though I think his lawyers get to appeal the decision.

https://www.cryptocoinsnews.com/alleged-btc-e-admin-bitcoin-launderer-will-extradited-u-s/

I am still not entirely clear on what crimes he has supposed to have committed in the US that warrant extradition.

All the Mt Gox claims are largely irrelevant because Mt Gox was based in Japan.

like they are going to give us back our Gox losses out of the seized finds...yeah right...

[illyiller]

Looks like Vinnik is going to be extradited to the US, though I think his lawyers get to appeal the decision.

https://www.cryptocoinsnews.com/alleged-btc-e-admin-bitcoin-launderer-will-extradited-u-s/

I am still not entirely clear on what crimes he has supposed to have committed in the US that warrant extradition.

All the Mt Gox claims are largely irrelevant because Mt Gox was based in Japan.

like they are going to give us back our Gox losses out of the seized finds...yeah right...

What seized funds? The feds didn't even announce any. Maybe the funds that Mayzus "froze" will be turned over to the US, maybe not. The fact that they couldn't seize anything outright to announce front-and-center on the press release makes me doubtful. The FBI fucked this case up royally, and they will probably crucify Vinnik, placing all blame for wrongdoing at his feet, in order to save face.

As for the crimes he committed... the proceeds he allegedly laundered belonged (custodially) to customers who were largely American. It doesn't matter where MT Gox was organized in that respect. But indeed, this is just a pretense for an attempted cash grab that just fucked over BTC-E's customers (including many Americans). The fact that the indictment points out that BTC-E was serving so many Americans just proves they don't give a shit about their citizens. It also suggests that any seized money isn't going to Mt Gox victims.

[omarabid]

3% withdrawal fee for advcash now. getting more reasonable.

[illyiller]

3% withdrawal fee for advcash now. getting more reasonable.

They've also lowered the withdrawal fee to 2% for PerfectMoney. Definitely an improvement. Good thing, because the only way these markets are viable is if people believe they can get their money out. The temporary 10% withdrawal fees looked very scary, because they looked like they were intended to prevent a bank run. And in that situation, one has to wonder how solvent WEX is in regards to fiat funds held.

I'd still like to see more volume, but the situation looks better than it did some weeks ago.

[JamesNoJosh]

10,000 DOLLARS REWARD AND BOUNTY

https://steemit.com/bitcoin/@thejamesfund/usd10-000-reward-bounty-or-split-among-individual-s-in-helping-me-blasting-btc-e-aka-wex-nz-info-below

[omarabid]

3% withdrawal fee for advcash now. getting more reasonable.

They've also lowered the withdrawal fee to 2% for PerfectMoney. Definitely an improvement. Good thing, because the only way these markets are viable is if people believe they can get their money out. The temporary 10% withdrawal fees looked very scary, because they looked like they were intended to prevent a bank run. And in that situation, one has to wonder how solvent WEX is in regards to fiat funds held.

I'd still like to see more volume, but the situation looks better than it did some weeks ago.

2% now. Premium for bitcoin is also down. Interestingly the price for their token is also down. I might pick some.

[JamesNoJosh]

Exchange is a scam. I'm havent gotten tech support for my account for 4 months now.

[omarabid]

Exchange is a scam. I'm havent gotten tech support for my account for 4 months now.

Exchange is not a scam but they are going through some rough times. I did pick some debt token and might pick more if it dips further.

remember that they could have simply "run away" and just left us with this page: btc-e.com