What's going on over at wex.nz?

[Cryptopher]

Prices at wex.nz have been at a significant premium for some time now. Is there a lack of liquidity? Bank run? Lockdown on withdrawals?

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[hugeblack]

Some scenarios may explain this problem:

 1. Technical problem/bug: I do not think this is the problem because I read about it several days ago but if the problem is a technical problem they will stop withdrawal/deposit temporary.
 2. Price manipulation: Maybe it is manipulated by them.
 3. High turnout: In the past, there have been some significant differences in price between South Korean and US trading platforms.

Support team is so terrible that their account is inactive for a while
EDIT found it ----> https://www.reddit.com/r/Bitcoin/comments/8xzdz6/wexnz_previously_btce_may_be_insolvent/

[BrewMaster]

there has been some shady things going on over at wex.nz exchange for a while now.
first they started having some server problems.
then suddenly the withdrawals/deposits were disabled for all their coins. which was supposed to be fixed 2 days ago https://twitter.com/WEXnz/status/1018872081994436608 but i don't think it is fixed yet.
then suddenly they started having maintenance on their site without any prior warning https://twitter.com/WEXnz/status/1019864877568061440 and the site went down.

the rise is partly because people have been turning all their balances to bitcoin and then changing that for btc-e code (or wex code) and selling that code cheaper to get their money out because they fear an exit scam.
other part is possibly wex pumping bitcoin on their platform because nobody else is trading anymore so that anybody who buys has to pay a higher price to them and in case they come back they would have already made a lot of profit.

[btc_angela]

Simply price manipulation, as we all know that they came from the ashes of BTC-e.  Or as what @BrewMaster, investors are likely converting their WEX to even tether or any other coins just to get out of this shady exchanges. Its a complete mess so expect a lot of complainings specially withdrawals in the next coming days.

[Cryptopher]

Hmmm, I suppose I should steer clear of the exchange, at least for now.

I loved BTC-e, and was so relieved when wex.nz rose from the ashes, but the developments of late make for a very risky move to drop coins into the exchange. It's pretty much a year since BTC-e went dark, and I'm still feeling the burn.

If coin withdrawals are still disabled then it looks very bleak indeed.

[Cryptopher]

Looks like things are still looking pretty dire over at wex.nz.

- Their Twitter is still silent
- No news posted on their exchange (perhaps there is news elsewhere?)
- Trading volume is super low
- Talk that the "owner" has no control over the exchange

As a result, the coins are still way off the market values.

There appears to have been some changes on the interface, but given that this is without any announcement it could count for very little.

[Coindgr]

Any news about this? They have some new tweets, but it seems all the withdrawals are frozen, is this correct?

[Hell-raiser]

Any news about this? They have some new tweets, but it seems all the withdrawals are frozen, is this correct?

Withdrawals of most cryptocurrencies as well as fiat (except for USDT) are disabled at WEX right now. Only coins like ZEC and PPC can be withdrawn, which explains why they are traded at 400% premium to their average market price. They recently added Monero to the list of coins traded there, which you can both deposit and withdraw. It looks like the exchange was sold some time ago (their tweets are now decent English), but the new owners might not have received the keys from exchange cryptocurrency cold wallets.

That explains why withdrawals are frozen. No money today (and tomorrow).

[Balthazar]

https://wex.nz is a scammer's site which is pretending to be exchange. Once you deposited your funds, there is no way to get them back.

[lateblooming]

If coin withdrawals are still disabled then it looks very bleak indeed.

are there any news on that?

As a result, the coins are still way off the market values.

That messes all the prices up on coinmarketcap...is there a similar site that wont take wex into consideration for their pricelists?
Namecoin for example - on coinmarketcap 1.30$ - then you look in the marketoverview and see nmc on poloniex for 0.55$ and on wex freakin 2.50$ wtf!? Why doesnt cmc kick wex out?
LOL $8.560,00 for a bitcoin on wex and litecoin 81.65$. I dont get it why they longer tolerate that nonsense.