WEX.nz

[thedreamer]

I'm sure the 'hit' on their heads would be called off if they'd return the BTC they stole.... From most of us...

[1713956732]

1713956732

[1713956732]

1713956732

[jumbotrades]

A exchange so big should be running , they would be making so much income while running the site then just scam , look at finex they came back and now their daily volume is in millions so if they trying to come back that would be nice as people will soon come back trading to the site as they always love the experience and ecurrency system there
Hope they listening and try to get back with new management and no hidden things and scam
better get a licence and run it properly

[malevolent]

They tried, but it isn't easy to run an exchange when major governments are after you, banks refuse to do business with you so you have to use intermediaries like iFinex does, and some of your business partners get tired of and decide to exit scam.

[illyiller]

A exchange so big should be running , they would be making so much income while running the site then just scam , look at finex they came back and now their daily volume is in millions so if they trying to come back that would be nice as people will soon come back trading to the site as they always love the experience and ecurrency system there

They already tried that when BTC-e shut down. They issued tokens on WEX for the debt. It worked for a while. Volume was still decent and they were repaying the tokens over time.

But most of the exchange's funds were stolen last summer, whether by some/all of the old admins (exit scam) or by new owners, as there were rumors that ownership had changed hands. Once withdrawals were turned off for an extended period of time, recovery was not possible. Volume dropped to nothing and trust was completely broken. There's no point in WEX coming back now.

[malevolent]

Once withdrawals were turned off for an extended period of time, recovery was not possible. Volume dropped to nothing and trust was completely broken. There's no point in WEX coming back now.

They'd probably still find users willing to flock to their exchange if they resumed operations and started repaying their debts. There aren't that many KYC-less exchanges, with minimal KYC for fiat deposits/withdrawals as was the case with btc-e/wex. At one point you could even make large deposits and withdrawals in cash (I think the minimum was $50k USD for EU countries).

[LightningSphere]

Once withdrawals were turned off for an extended period of time, recovery was not possible. Volume dropped to nothing and trust was completely broken. There's no point in WEX coming back now.

They'd probably still find users willing to flock to their exchange if they resumed operations and started repaying their debts. There aren't that many KYC-less exchanges, with minimal KYC for fiat deposits/withdrawals as was the case with btc-e/wex. At one point you could even make large deposits and withdrawals in cash (I think the minimum was $50k USD for EU countries).

I do think so too. After the BTC-e debacle, WEX came back pretty strong. Many of the BTC-e user were on WEX again.
But people will not trust WEX if there is not a solid story from them why this WEX story happend as it did with no info to the users.
Also 'the stolen funds' part is not confirmed, is that what really happend? I do read that there are still hugh amounts in their cold wallets.
Last tweet from them was 'Bees against honey', who was doing that? Who are the 'bees'? Is the user database still there?

[malevolent]

Last tweet from them was 'Bees against honey', who was doing that? Who are the 'bees'? Is the user database still there?

It's a Russian idiom and a meme, basically saying that users contacting registrars to take down every new domain name wex acquired were acting against their own interests.

[gentlemand]

They'd probably still find users willing to flock to their exchange if they resumed operations and started repaying their debts. There aren't that many KYC-less exchanges, with minimal KYC for fiat deposits/withdrawals as was the case with btc-e/wex. At one point you could even make large deposits and withdrawals in cash (I think the minimum was $50k USD for EU countries).

Then the users would get what they deserve.

It's emerged that BTC-e was basically a giant money laundering operation all along. I can certainly believe they were selectively scamming all the way through. Then this turned up and farted itself to death.

Why would anyone risk it again? If they were up and running again and paying debts I'd be withdrawing my debt and absolutely nothing else.

[malevolent]

Why would anyone risk it again?

Why are there people still using Bitfinex? Shady from the start, launched by peolpe with a shady past. A lot of people mostly care about the utility an exchange provides, and btc-e/wex certainly found their niche.

[LightningSphere]

But could they restart of they wanted to, is the user database still there?

[thenoblebot]

Last tweet from them was 'Bees against honey', who was doing that? Who are the 'bees'? Is the user database still there?

It's a Russian idiom and a meme, basically saying that users contacting registrars to take down every new domain name wex acquired were acting against their own interests.

They could still have used something like an .onion website or maybe some decentralized option if that was the case. Maybe still can ? Hope so

[gentlemand]

Why are there people still using Bitfinex? Shady from the start, launched by peolpe with a shady past. A lot of people mostly care about the utility an exchange provides, and btc-e/wex certainly found their niche.

Bitfinex are sleazy assholes but they're not outright criminals, or that hasn't been proven yet. It's hard to tell exactly what the score is with BTC-e but it at least appears that this Vinnik fella was closely involved in its running. Then Wex.nz underwent some weird behind the scenes power struggle and here we are.

Bitfinex at least has some identifiable people involved and seems to have some unfathomable form of cred with people willing to throw money at its various sad schemes. BTC-e and children is 100% opaque. Any revival would be throwing money into a black hole and hoping for the best.

[squatter]

Bitfinex at least has some identifiable people involved and seems to have some unfathomable form of cred with people willing to throw money at its various sad schemes. BTC-e and children is 100% opaque. Any revival would be throwing money into a black hole and hoping for the best.

Is this the same Bitfinex whose CFO said they "bank like criminals?" The same Bitfinex who just lost $850M in a bank seizure by law enforcement? The same Bitfinex whose CEO is a ghost that nobody has ever seen before? The same Bitfinex whose longtime CSO (Phil Potter) resigned as regulatory scrutiny, allegations of criminal market manipulation and other legal problems piled up last year?

WEX.nz may have been on the extreme end of things regarding their lawless mentality, but Bitfinex is very close behind them. Anyone with significant funds on deposit at Bitfinex or Tether is surely playing with fire!

[gentlemand]

Is this the same Bitfinex whose CFO said they "bank like criminals?" The same Bitfinex who just lost $850M in a bank seizure by law enforcement? The same Bitfinex whose CEO is a ghost that nobody has ever seen before? The same Bitfinex whose longtime CSO (Phil Potter) resigned as regulatory scrutiny, allegations of criminal market manipulation and other legal problems piled up last year?

WEX.nz may have been on the extreme end of things regarding their lawless mentality, but Bitfinex is very close behind them. Anyone with significant funds on deposit at Bitfinex or Tether is surely playing with fire!

Would I trust BFX more than a revived BTC-e? If I had a gun to my head I would simply because they've managed to keep functioning despite their slackness and idiocy in choosing who they entrust money to.

All the same I wouldn't deposit a poo into Bitfinex either. I would assume there might be some redress if it all went wrong. This thread is a demonstration of that not being the case with BTC-e.

[illyiller]

All the same I wouldn't deposit a poo into Bitfinex either. I would assume there might be some redress if it all went wrong. This thread is a demonstration of that not being the case with BTC-e.

Well, BTC-e repaid 55-60% of funds immediately. More if you waited until WEX was launched. So clearly redress was possible, just not of the "legal proceedings" variety. The obvious move was to take that money and run, not keep all your money on the new exchange. But alas, crypto traders love to take unnecessary risks.

If Bitfinex or Tether had most of their fiat money seized, you think they would spin up a refund process like BTC-e did? I would expect much worse results through the court system, especially given the dodgy jurisdictions where they are organized.

[gentlemand]

Well, BTC-e repaid 55-60% of funds immediately. More if you waited until WEX was launched. So clearly redress was possible, just not of the "legal proceedings" variety. The obvious move was to take that money and run, not keep all your money on the new exchange. But alas, crypto traders love to take unnecessary risks.

If Bitfinex or Tether had most of their fiat money seized, you think they would spin up a refund process like BTC-e did? I would expect much worse results through the court system, especially given the dodgy jurisdictions where they are organized.

Bitfinex could've chosen bankruptcy with their Bitgo hack. Instead they did a cludge to stay afloat. And they have had a large amount of fiat stolen from them by Crypto Capital. Again, they've limped on.

Both they and their users have Gox to look to to know what happens if they go down the fully legit route.

If there was some way of knowing the original BTC-e team was in place then at least you have some track record to reassure you. Clearly the original team wasn't in place by the end so it's full facelessness which isn't a good look.

If someone turns up today saying hello we're back how do you know if there's anything legit about them? They may control original addresses but private keys are easily stolen.

[thenoblebot]

The OG btc-e team symbolized what crypto stood for - freedom, sovereignty and trust. While I don't condone any of the alleged money laundering operations - I certainly admire them for standing upto no less than the Feds and trying to do the best for the users. Not sure any other exchange would even try that, given how hard the Feds made it for them. So yea - would easily trust btc-e OG crew - if they could verify their identities in a reasonably assuring manner.

[gentlemand]

So yea - would easily trust btc-e OG crew - if they could verify their identities in a reasonably assuring manner.

They should have left something in place for just this eventuality. I guess they either didn't expect it or didn't care but I don't see how they could make a successful comeback without it.

[thedreamer]

The OG btc-e team symbolized what crypto stood for - freedom, sovereignty and trust. While I don't condone any of the alleged money laundering operations - I certainly admire them for standing upto no less than the Feds and trying to do the best for the users. Not sure any other exchange would even try that, given how hard the Feds made it for them. So yea - would easily trust btc-e OG crew - if they could verify their identities in a reasonably assuring manner.

You are so clueless as to what really went down when btce did their exit sham. Next you'll tout what good job they did with the wex token scam and 45% refunds for select people.

Ugh... :facepalm

[Vishnu.Reang]

The OG btc-e team symbolized what crypto stood for - freedom, sovereignty and trust. While I don't condone any of the alleged money laundering operations - I certainly admire them for standing upto no less than the Feds and trying to do the best for the users. Not sure any other exchange would even try that, given how hard the Feds made it for them. So yea - would easily trust btc-e OG crew - if they could verify their identities in a reasonably assuring manner.

You are so clueless as to what really went down when btce did their exit sham. Next you'll tout what good job they did with the wex token scam and 45% refunds for select people.

Ugh... :facepalm

There is enough evidence which points to the fact that some of their funds in the form of cryptocurrency was seized by the feds. And they issued refunds not just for "select" people, but for all the users. I had an account with BTC-e, and I received around 55% of my coins (mostly LTC) in Wex. And for the remainder, I received the tokens.