Status of WEX (World Exchange Services)

[CoinEraser]

It's a pity that such an old exchange seems to break more and more. I am glad that I do not do anything there anymore. Just before the first fall of BTC-E i withdrew from the platform and so far it seems to have been the right decision. Nevertheless, it is very sad that Wex has such problems. Hopefully at least all people will get their coins back. I wish to all customers good luck.   

[1713291472]

1713291472

[1713291472]

1713291472

[leea-1334]

It's a pity that such an old exchange seems to break more and more. I am glad that I do not do anything there anymore. Just before the first fall of BTC-E i withdrew from the platform and so far it seems to have been the right decision. Nevertheless, it is very sad that Wex has such problems. Hopefully at least all people will get their coins back. I wish to all customers good luck.   

The thing to have been aware of was that they never did solve their old issues. They promised to do so, but people waited. Meanwhile, they launched a new exchange in Singapore, started paying back old debtors from new funds, and people stopped complaining. Yes their prices were always better than other places so a lot of early traders thought they were being smart,,, but this is like a ponzi scheme. Get in early good for you. Get in late, lose everything. Just stay away and pay a bit higher prices and fees at other better exchanges.

[CoinEraser]

It's a pity that such an old exchange seems to break more and more. I am glad that I do not do anything there anymore. Just before the first fall of BTC-E i withdrew from the platform and so far it seems to have been the right decision. Nevertheless, it is very sad that Wex has such problems. Hopefully at least all people will get their coins back. I wish to all customers good luck.  

The thing to have been aware of was that they never did solve their old issues. They promised to do so, but people waited. Meanwhile, they launched a new exchange in Singapore, started paying back old debtors from new funds, and people stopped complaining. Yes their prices were always better than other places so a lot of early traders thought they were being smart,,, but this is like a ponzi scheme. Get in early good for you. Get in late, lose everything. Just stay away and pay a bit higher prices and fees at other better exchanges.

If they did it all so, it's no wonder that at some point the thing fails. Still a shame that one drives such a money press against the wall. I was really lucky that I separated early from BTC-E. And you are right, fortunately, there are currently better exchanges and I can only advise anyone to keep away from Wex.  

[animax1991]

Currently USDT/USD is 4.198 on WEX exchange? It's mean more people want to leave WEX. Any other news guys  ? Should I stay or leave?

[nduc6868]

Now USDT ~ 4.7 or even 4.9 USD at wex.nz
What really happen?

[GhostWithin]

Now USDT ~ 4.7 or even 4.9 USD at wex.nz
What really happen?

They were robbed from the inside and withdraw is closed. People are trying to save their money
Looks like exit scam

[The0ldl_lser]

Now it's closing or it's restoring, you guys make me confused ...

It was an inside job. The conflict is settled, the exchange will be soon restored

Now it's closing or it's restoring, you guys make me confused ...

It's restoring...

https://bitcointalk.org/index.php?topic=2181061.msg44188338#msg44188338
(russian)

[leea-1334]

It's a pity that such an old exchange seems to break more and more. I am glad that I do not do anything there anymore. Just before the first fall of BTC-E i withdrew from the platform and so far it seems to have been the right decision. Nevertheless, it is very sad that Wex has such problems. Hopefully at least all people will get their coins back. I wish to all customers good luck.  

The thing to have been aware of was that they never did solve their old issues. They promised to do so, but people waited. Meanwhile, they launched a new exchange in Singapore, started paying back old debtors from new funds, and people stopped complaining. Yes their prices were always better than other places so a lot of early traders thought they were being smart,,, but this is like a ponzi scheme. Get in early good for you. Get in late, lose everything. Just stay away and pay a bit higher prices and fees at other better exchanges.

If they did it all so, it's no wonder that at some point the thing fails. Still a shame that one drives such a money press against the wall. I was really lucky that I separated early from BTC-E. And you are right, fortunately, there are currently better exchanges and I can only advise anyone to keep away from Wex.  

Of course. I am just so surprised people did not learn their lessons. If it is too good to be true, then it is and stay away from it,,, people should have seen that from 2 big warning signs. The first when prices started to become so high on WEX and the second, that you could buy cheap coupons for redemption later on. There is no such thing as easy and free money,,, and now WEX tries to make it even more scammy by making USDT so expensive on their platform. God knows how many more people will fall for such a ploy. Keep warning everyone, hope they see this.

[side-fish]

Hey guys, I've been out of the loop and haven't used the exchange for quite sometime. I just came back and saw the inflated price of monero, which was just recently listed. I sent a monero there only to find out I couldn't withdraw it when I converted it to bitcoin, then someone mentions in the trollbox about a WEX exit scam and I'm just getting up to speed about this. I almost sent about 500 USD to the exchange if I hadn't known. I'm quite disappointed about the events. I guess I got no choice but to wait for further developments. It seems the last update from them was more than a week ago.

[CoinEraser]

It's a pity that such an old exchange seems to break more and more. I am glad that I do not do anything there anymore. Just before the first fall of BTC-E i withdrew from the platform and so far it seems to have been the right decision. Nevertheless, it is very sad that Wex has such problems. Hopefully at least all people will get their coins back. I wish to all customers good luck.  

The thing to have been aware of was that they never did solve their old issues. They promised to do so, but people waited. Meanwhile, they launched a new exchange in Singapore, started paying back old debtors from new funds, and people stopped complaining. Yes their prices were always better than other places so a lot of early traders thought they were being smart,,, but this is like a ponzi scheme. Get in early good for you. Get in late, lose everything. Just stay away and pay a bit higher prices and fees at other better exchanges.

If they did it all so, it's no wonder that at some point the thing fails. Still a shame that one drives such a money press against the wall. I was really lucky that I separated early from BTC-E. And you are right, fortunately, there are currently better exchanges and I can only advise anyone to keep away from Wex.  

Of course. I am just so surprised people did not learn their lessons. If it is too good to be true, then it is and stay away from it,,, people should have seen that from 2 big warning signs. The first when prices started to become so high on WEX and the second, that you could buy cheap coupons for redemption later on. There is no such thing as easy and free money,,, and now WEX tries to make it even more scammy by making USDT so expensive on their platform. God knows how many more people will fall for such a ploy. Keep warning everyone, hope they see this.

Yes, for me it sounds like the planning of an exit scam. That's why the high prices to lure people into a trap. Hopefully not too many people fall for it. Even if the site would be fully functional again in a few days, i still would not trust Wex anymore. I also hope that this warning will read a lot of people and not fall into the trap. 

[trycrypto]

Someone know when WEX open all the withdrawals ? Nearly 1 month already ...

nobody

[magneto]

I'd think that they are probably insolvent in one way or another.

They are generally a very shady company, when it comes to their legality. And this is obviously proven by the fact that their predecessor, BTC-e, was shut down by the US and their domains seized by several of the departments there.

I would not be surprised if the recent withdrawal issues causing many coins to be overvalued on their site was a result of insolvency, more legal troubles, or a combination of both. Either way, with their level of transparency, or lack thereof, you shouldn't be using them period.

[BitHodler]

I would not be surprised if the recent withdrawal issues causing many coins to be overvalued on their site was a result of insolvency, more legal troubles, or a combination of both.

Insolvency is the better term to use. I wouldn't even be surprised to see WEX exploit this dramatic situation by slowly unloading overvalued coins to later on open up withdrawals which causes all prices to tank hard.

Feel bad for the people having funds stuck in there, but let's be honest, this exchange has always been a ticking time bomb, especially after the authorities cleaned house last year.

I hope that in case WEX opens up withdrawals again, that people will never ever use this exchange again. Most non Russians have way better alternatives to use than this pile of rubbish that in the next few years no longer exists.

1USDT has touched 5USD this month at WEX. Once again a sign that the peg is fake.

[Balthazar]

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

That shouldn't be a surprize for you, since its CEO was declared bankrupt by the judgment of the court of St. Petersburg, case number is A56-45230/2016.

https://bankrot.fedresurs.ru/MessageWindow.aspx?ID=CC28A6A820CC1DBA3FE40A97A888D391
https://bankrot.fedresurs.ru/PrivatePersonCard.aspx?ID=3320600A241F156868A4A53CCD2E61BC&attempt=1

He's hiding abroad since then, instead of paying his debts in Russia.

[BTC Turkiye]

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

That shouldn't be a surprize for you, since its CEO was declared bankrupt by the judgment of the court of St. Petersburg, case number is A56-45230/2016.

https://bankrot.fedresurs.ru/MessageWindow.aspx?ID=CC28A6A820CC1DBA3FE40A97A888D391
https://bankrot.fedresurs.ru/PrivatePersonCard.aspx?ID=3320600A241F156868A4A53CCD2E61BC&attempt=1

He's hiding abroad since then, instead of paying his debts in Russia.

Is this real? Then how come people are still buying selling and waiting for WEX to come back?

[gutse]

Attendance drops every day. Maybe, trading the remaining bots. Users can only hope for a happy end.

[Balthazar]

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

That shouldn't be a surprize for you, since its CEO was declared bankrupt by the judgment of the court of St. Petersburg, case number is A56-45230/2016.

https://bankrot.fedresurs.ru/MessageWindow.aspx?ID=CC28A6A820CC1DBA3FE40A97A888D391
https://bankrot.fedresurs.ru/PrivatePersonCard.aspx?ID=3320600A241F156868A4A53CCD2E61BC&attempt=1

He's hiding abroad since then, instead of paying his debts in Russia.

Is this real? Then how come people are still buying selling and waiting for WEX to come back?

Yes, that's real for sure. Just as real as that we live on the planet Earth which orbits the Sun.

[BTC Turkiye]

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

That shouldn't be a surprize for you, since its CEO was declared bankrupt by the judgment of the court of St. Petersburg, case number is A56-45230/2016.

https://bankrot.fedresurs.ru/MessageWindow.aspx?ID=CC28A6A820CC1DBA3FE40A97A888D391
https://bankrot.fedresurs.ru/PrivatePersonCard.aspx?ID=3320600A241F156868A4A53CCD2E61BC&attempt=1

He's hiding abroad since then, instead of paying his debts in Russia.

Is this real? Then how come people are still buying selling and waiting for WEX to come back?

Yes, that's real for sure. Just as real as that we live on the planet Earth which orbits the Sun.

Well that`s an awkward analogy but ok. So he has filed bankcrupcy. But how do we know about what`s going to happen? like the proceedings with MtGox. Where are the trials going to be? Where are the funds?

Where`re we going to keep track of the progress on getting our money back?

[oneOfEachCoin]

So I deposited some Eth to Wex.nz exchange the other day to test and it got moved over to this address:

https://etherscan.io/address/0xb3aaaae47070264f3595c5032ee94b620a583a39

Which, by the comments, appears to be one of those "send your Ether here and we'll double it" scams.

Draw your own conclusions.

(screenshots below, follow the transactions)

https://imgur.com/a/mXljlgC

[Tanya12356]

Attendance drops every day. Maybe, trading the remaining bots. Users can only hope for a happy end.

Maybe not everything is as bad as it seems. Maybe this is a happy start.
What do you think?