Bitcoin is trading at 9000 USD on WEX.NZ (BTC-E owners) ?

[btj]

Hi,

Bitcoin is trading at 9000 USD right now on WEX.NZ, while on other exchange plateform it turn around 7400/7500 USD.

Do they have problem or anything ?

[1714598477]

1714598477

[mk4]

Huh. The BTC/USD trading pair on Wex is excluded on Coinmarketcap. Probably because of zero-fee trading? I don't know about the price though. It even reached 9k.


Source: https://coinmarketcap.com/exchanges/wex/

[pooya87]

Huh. The BTC/USD trading pair on Wex is excluded on Coinmarketcap. Probably because of zero-fee trading? I don't know about the price though. It even reached 9k.

it has 1 * which just means they have excluded it.
the reason for it is because they had some server problems a couple of days ago and disabled all their deposits and withdrawals AFAIK and they won't be enabled for a long while according to their last tweet. which is why the price has gone up ridiculously high. some people speculate that they are just fake pumping it to sell their coins at a higher price while their deposits are disabled and make some money then come back.

[mk4]

Huh. The BTC/USD trading pair on Wex is excluded on Coinmarketcap. Probably because of zero-fee trading? I don't know about the price though. It even reached 9k.

it has 1 * which just means they have excluded it.
the reason for it is because they had some server problems a couple of days ago and disabled all their deposits and withdrawals AFAIK and they won't be enabled for a long while according to their last tweet. which is why the price has gone up ridiculously high. some people speculate that they are just fake pumping it to sell their coins at a higher price while their deposits are disabled and make some money then come back.

It really does seems like the exchange has problems. Based on their tweet[1], they had just finished their maintenance 18hrs ago. But due to the comments on the tweet there still seems to be some problems. Initially I thought CMC excluded wex because of the same reasons they excluded Korean exchange volume in the past.

[1] https://twitter.com/WEXnz/status/1019864877568061440

[pooya87]

Huh. The BTC/USD trading pair on Wex is excluded on Coinmarketcap. Probably because of zero-fee trading? I don't know about the price though. It even reached 9k.

it has 1 * which just means they have excluded it.
the reason for it is because they had some server problems a couple of days ago and disabled all their deposits and withdrawals AFAIK and they won't be enabled for a long while according to their last tweet. which is why the price has gone up ridiculously high. some people speculate that they are just fake pumping it to sell their coins at a higher price while their deposits are disabled and make some money then come back.

It really does seems like the exchange has problems. Based on their tweet[1], they had just finished their maintenance 18hrs ago. But due to the comments on the tweet there still seems to be some problems. Initially I thought CMC excluded wex because of the same reasons they excluded Korean exchange volume in the past.

[1] https://twitter.com/WEXnz/status/1019864877568061440

it is the same thing as BTC-e so it does have trading fees (0.2% IIRC).

i don't know what that tweet about maintenance is though, maybe it was their website itself going down not the wallets. this is the tweet about their wallets: https://twitter.com/WEXnz/status/1018872081994436608 which says they won't be enabled until July 22. and checking the wallets the withdrawals don't seem to have opened yet.
there is some discussion about it here also: https://bitcointalk.org/index.php?topic=4686706.0

[buwaytress]

I came across more information here. Looks like they did announce their withdrawals were frozen but only via a Tweet that quickly got buried under other tweets. Now it appears their official owner claims he's lost control of the exchange (there's shady right there).

And then there's some external guy selling unlimited redemption codes on WEX for cheap? Feels a lot like how Yobit operated (selling redemption codes). Must be a popular Russian way to buy cheap BTC. Looks like the supply dried up after people tried exchanging. And then more people deposited BTC (that's not disabled yet!) thinking to sell at the high price and realising withdrawals can't happen.

[wex.nz]

1PenekAV7bcEFXFxY68NYrTotBETdDiGk8

[magneto]

Hi,

Bitcoin is trading at 9000 USD right now on WEX.NZ, while on other exchange plateform it turn around 7400/7500 USD.

Do they have problem or anything ?

When an exchange has issues with their deposits and/or withdrawals, then it pretty much always results in their internal market prices not aligning with the rest of the market. This is exactly what happened with WEX.

There were both fiat and crypto withdrawals being halted in the system, causing the prices of certain coins to artificially inflate.

Two of the coins that are supposedly still open for withdrawal are ZCash, and USDT. Both of which are trading at over 300% premiums, which is not surprising. People are essentially paying extra to try getting their funds out instead of waiting for a fiat withdrawal to finally come, which is significantly more risky.

Even though there may seem like an arbitrage opportunity here, there really isn't, as the withdrawal system is completely screwed right now. I'd suggest not using them, especially with their track record of being shady.

[Mrskrill]

https://t.me/joinchat/FUetyETJvscvjmEgSWSdbg


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