WEX.nz

[Abdussamad]

they've increased the fees on fiat withdrawals to 15%. that's why the btc price is so much higher. fees went from 7-9-15%

[1714165479]

1714165479

[fright]

should we be worried about this exchange???
anyone from admins could give some info?

[CaptainClaw]

they've increased the fees on fiat withdrawals to 15%. that's why the btc price is so much higher. fees went from 7-9-15%

Now 20%, something's up.

[European Central Bank]

should we be worried about this exchange???
anyone from admins could give some info?

You should always have been worried about this exchange.

They lost half their money. Still no one knows who owns it. And when it was btc-e it was pretty damn strange, let alone its zombified revival in this form.

I don't believe they're outright scammers but their setup is not reassuring. 

[Elwar]

Seriously, just read through this thread to find the amount of people that have tried to verify their account after getting locked out.

You will lose your coins on WEX.

We EXit (with your money).

[Hippie Tech]

Seriously, just read through this thread to find the amount of people that have tried to verify their account after getting locked out.

You will lose your coins on WEX.

We EXit (with your money).

Just follow the MtGox/Cryptsy (and other "hacked" exchanges) trail...

[joesmoe2012]

So in the end are any USA people able to withdraw their crypto at all? My account is locked still.

[user0000001]

withdrawal from the exchange is frozen? when to wait for confirmation of conclusions?

[illinest]

withdrawal from the exchange is frozen? when to wait for confirmation of conclusions?

Seems they have frozen withdrawals on BTC and several other coins, claiming "ongoing technical work on the servers." The site is still up, but given the premium and skyrocketing fiat withdrawal fees as well, we should assume something is very, very wrong. People in the trollbox saying to convert to ZEC and withdraw while outputs are still automated.... I suppose that's why there is an 8% higher premium on ZEC than BTC.

Good luck everyone. I lost more coins than I care to say with BTC-e last year and did not care to stay in business with these guys. It doesn't look good.

[rapidleech]

guys what happenin there? again they are tryin to exit scam ? why they are increased withdrawal fee to 20% ?

[figmentofmyass]

guys what happenin there? again they are tryin to exit scam ? why they are increased withdrawal fee to 20% ?

the drastic increases to the fiat withdrawal fees are very worrisome. that suggests they are getting desperate to stop funds from leaving the exchange.

it's not clear if it's an exit scam yet; the site is still up. and i believe from what i'm seeing on twitter/trollbox there are still crypto trading pairs active which you can withdraw the crypto (not BTC, LTC, ETH, BCH, DSH).

at least there's no FBI takedown page at wex.nz. radio silence for 24 hours is scary, though. premium over bitfinex stands just under 15%. seems to have dropped a bit....

[animax1991]

If this is facebook of WEX CEO, then it's done

https://www.facebook.com/ceowex?hc_ref=ARQ6doYal7kVhgwciqNCjFBUP078TEqifuMrIL47opI584pAcuEMMYC_XZVHo8vtJj4&fref=nf

[figmentofmyass]

Luckily i took all my shit out, 2 days before the "planned maintenance", clearly something very wrong is happening at this point.

something is very wrong, yeah.

but what kind of exit scam starts with planned maintenance, then 2 days of the site being up with active markets? and some assets can still be withdrawn? ZEC withdrawals still active as of a few hours ago. i assume USDT withdrawals are active because USDT/USD is trading at 1.5 and BTC/USDT is trading at $5000.

just saw this article from last night: https://www.coindesk.com/something-strange-is-going-on-at-a-crypto-exchange-called-wex/

very strange stuff:

In a July 12 post on Facebook, Dmitry Vassiliev – who, according to Singapore records obtained by Russian news agency RBK, is listed as the owner of WEX's operator, World Exchange Services – attributed the price disparities to the actions of Dmitry Sutormin, who he described as a former WEX manager.

Vassiliev explained that Sutormin, a vice president of the Russian Association for Cryptocurrencies and Blockchain and a venture investor in Russia, had been selling a high number of "WEX codes," which could be redeemed on the exchange for cryptocurrency.

Indeed, statements from Vassiliev suggest that it's not entirely clear who is in charge of WEX at the moment.

RBK also reported that Vassiliev was planning to sell the exchange to Dmitry Khavchenko, a former volunteer fighter in the war in Ukraine and a participant of the militia forces in Crimea that supported the Russian annexation in 2014.

Khavchenko, in turn, told RBK that he was going to move WEX's office to Crimea and register the managing company in the war-torn region of Ukraine known as Donbass.

According to RBK's sources, Khavchenko and other people engaged in the conflict in Ukraine are already involved in the exchange's management, including people connected to Konstantine Malofeev, who has been cited in the press as one of the shadow sponsors of East Ukrainian militants.

WEX denied that the exchange is going to be sold on Twitter, and the exchange did not respond to questions regarding who is in charge or why, exactly, its prices shot up earlier this week.

i remember similar talk when btc-e first went down. the admins made some comments about moving the new exchange to donetsk. i think they always had some connection to pro-russian rebels in east ukraine, so this revelation is not surprising.

[Hippie Tech]

Luckily i took all my shit out, 2 days before the "planned maintenance", clearly something very wrong is happening at this point.

something is very wrong, yeah.

but what kind of exit scam starts with planned maintenance, then 2 days of the site being up with active markets? and some assets can still be withdrawn? ZEC withdrawals still active as of a few hours ago. i assume USDT withdrawals are active because USDT/USD is trading at 1.5 and BTC/USDT is trading at $5000.

just saw this article from last night: https://www.coindesk.com/something-strange-is-going-on-at-a-crypto-exchange-called-wex/

very strange stuff:

In a July 12 post on Facebook, Dmitry Vassiliev – who, according to Singapore records obtained by Russian news agency RBK, is listed as the owner of WEX's operator, World Exchange Services – attributed the price disparities to the actions of Dmitry Sutormin, who he described as a former WEX manager.

Vassiliev explained that Sutormin, a vice president of the Russian Association for Cryptocurrencies and Blockchain and a venture investor in Russia, had been selling a high number of "WEX codes," which could be redeemed on the exchange for cryptocurrency.

Indeed, statements from Vassiliev suggest that it's not entirely clear who is in charge of WEX at the moment.

RBK also reported that Vassiliev was planning to sell the exchange to Dmitry Khavchenko, a former volunteer fighter in the war in Ukraine and a participant of the militia forces in Crimea that supported the Russian annexation in 2014.

Khavchenko, in turn, told RBK that he was going to move WEX's office to Crimea and register the managing company in the war-torn region of Ukraine known as Donbass.

According to RBK's sources, Khavchenko and other people engaged in the conflict in Ukraine are already involved in the exchange's management, including people connected to Konstantine Malofeev, who has been cited in the press as one of the shadow sponsors of East Ukrainian militants.

WEX denied that the exchange is going to be sold on Twitter, and the exchange did not respond to questions regarding who is in charge or why, exactly, its prices shot up earlier this week.

i remember similar talk when btc-e first went down. the admins made some comments about moving the new exchange to donetsk. i think they always had some connection to pro-russian rebels in east ukraine, so this revelation is not surprising.

WEX is doing exactly what Vircurex, Crytpsy ect. did to their users.

ALL cryptos are the ultimate scam/FIAT currency. WAKE UP!

[spect0r]

conspiracy idea: how about this being just a plot to dump some coins at super high prices? Then the exchange goes back to normal and some people wtfpwnt themselves on trades. Because, why would they turn the exchange on and enable some withdrawals if they want to exit scam?

[Abdussamad]

conspiracy idea: how about this being just a plot to dump some coins at super high prices? Then the exchange goes back to normal and some people wtfpwnt themselves on trades. Because, why would they turn the exchange on and enable some withdrawals if they want to exit scam?

I think they are panicking. An employee has misappropriated funds and as a result they can't meet their obligations. The reason they haven't shut down the site yet is because they are not all dishonest. They are looking to salvage the situation as best they can.

[Mrskrill]

Wex is dead site not opening again, withdraw your cash now.buy zec withdraw and run for your life

[figmentofmyass]

conspiracy idea: how about this being just a plot to dump some coins at super high prices? Then the exchange goes back to normal and some people wtfpwnt themselves on trades. Because, why would they turn the exchange on and enable some withdrawals if they want to exit scam?

I think they are panicking. An employee has misappropriated funds and as a result they can't meet their obligations. The reason they haven't shut down the site yet is because they are not all dishonest. They are looking to salvage the situation as best they can.

that's an interesting take. i think you might be right. BTC-E and WEX has always been honorable (in their particular way anyway)---not like typical exit scammers. i think 99% of people in their position last summer would have disappeared and repaid nothing.

i just wish we had some idea about the situation, how bad the damage is. i wonder if it has anything to do with the recent full token repayments (NMC, others?) or some similar misallocation.

Seems the site is down at the moment...

up here. but that USDT premium keeps rising. 1.8:1.

[Hippie Tech]

"Don't worry little bird.. I won't eat you..." (said the crocodile/WEX/Cryptsy/Vircurex/MtGox.. offering a free ride across the river..)

[AcridNL]

I've decided to give some insight in the price-spike on Wex.nz due to the fear rising on forums, I can't nearly go in dept is much as I want, but later today I will come back if there are questions.

The price spike is normal market behavior due to the circumstances on wex, people are always afraid to lose money, or lose out on making money, it's what drives the market, and it's what drives this price-spike.

Wex is clearly having some back-end issues, and I suspect they are fixing them behind closed doors while communicating maintenance to keep everyone calm, this has always been Wex/BTC-E's way of communications when issues arrised, this time it's accompanied with a price-spike which adds to the fear of us users that things are going really wrong.

Fortunately for me I'm in the crypto business for arbitrage possibilities, and I have more insight in prices than most do, which gives me understanding of why price differences occur.

At the moment at Wex the price inflation is due to fear and due to logistics of getting funds of, the harder it is to get funds of en exchange, the higer the price will be.

The exact reason for the price spike is a partial withdraw ability, the biggest crypto's are not available for withdraw, but some are, namely:
PPC
NMC
NVC
ZEC

This is where people "flee" to to withdraw their funds when in panic, which causes an inflating price due to supply-demand, a second variable is the ability to withdraw wex-codes which is still possible, this lowers the value of the dollar on Wex, which is already lowered due to the demand for the list of crypto's above.

The other crypto's that are not able for withdraw rise as a result of the possibilities for getting money out, and people like me taking this chance to make arbitrage during the fear, at this point the arbitrage possibilities are leveled out, when you calculate any road the arbitrage now is close to zero, example:

Exchange 1:
1. Buy ZEC with USDT
2. Move ZEC to WEX
3. Sell ZEC on WEX for USD
4. BUY BTC on WEX for BTC
5. Sell BTC on WEX for USDT
6. Move USDT to Exchange 1

This is a heavily simplified version of arbitrage, but gives insight on why for instance the BTC price is inflated, which is relatively less than the coins which are available for withdraw, but no longer interesting because at the end of the equation it levels out to zero due to us inflating it, try any combination and you will see the other crypto's inflated to a price point that arbitrage almost levels out to 0.

Fear drove the price of certain coins up on WEX, and other coins rose because of guys like me, if the fear decreases, the prices will decrease also.

While this does not take the fear away of many who have funds on WEX and the work behind closed doors, it might lower it and give more insight in these price-spikes, it's all psychology.

I can't give you guys any advice on keeping funds online or withdrawing through the withdrawable cryptos, but I personally keep my funds, which are significant, on the exchange, due to my believe everything will be sorted out in a week or so.

Money is made during times of crysis when there is fear and blood on the street, there are chances for opportunists now who are able to invest some money they can miss and are willing to take a calculated risk.

I'll be back at the end of the day.