Topic: WEX.nz - page 11. (Read 62393 times)

Are you not the person who bet tens of thousands of dollars on Gox not dying?

I can think of a million better risks I'd prefer to be taking myself.

If you read the reply carefully it says "USA citizens". Resident is not the same as citizen. I'm assuming you're a U.S. citizen. I've not heard of anyone (credible) who's not from USA not getting their money (until this last maintenance that is). I'm not sure what laws they apply here, although given how USA treated them, you can sort of understand the overreach. Hopefully it will work out in the end for you, though it's not looking good right now.

For anyone who'd like to speculate, there's a good opportunity to make profit now if you're willing to place your bets on wex to come through.

Example:
1. You have 1 BTC
2. You buy $8400 USDT on poloniex
3. You send $8400 USDT to wex
4. Current price at wex is $3000 BTC/USDT, so you can exchange $8400 to 2.8 BTC
5. Sell 2.8 BTC for WEXUSD (current price $9638), yielding you $26984!
6. You can increase the amount further by speculating that their USD token will reach 100% recovery. Current price is 0.554 which means you can turn 26984 into 48711.
7. From $8400 (1 BTC) to $48711. That's 5.8x.

After going through the whole process of verifying my account, sending them signed transactions of wallets I control that received LTC, PPC and BTC from them along with much more proof they sent me this:


Utter bullshit. I'm not even a US resident. I haven't lived in the US for 5 years. Bitfinex was fine with non-US residents using their exchange. Non-US residents are not bound to the same SEC or exchange laws as US residents.

They can just come up with some new reasons (after they have your money) on why they can keep your money.

They said the supposed maintenance is finished but now users can't log in. They get the message "POW data not received" while trying. I wonder if they are just teasing folks. In the best case you can log in but withdraws are disabled. I bet the majority will move their coins from there as soon as they can (if things are back to normal, hopefully in 2018... )


LOL

just like btc-e, wex's ownership and staff is pretty murky. i'm surprised this has dragged on for so long without them saying something. maybe they've decided it's the new norm and customers will have to swallow it.

they should go alt only, not that their alts are relevant. fiat has always been a problem for them.

Can someone visit the WEX CEO and ask him for an update?

22.07 WEX promised to make it possible to withdraw from cryptocurrency withdrawal from wallets.  https://twitter.com/WEXnz/status/1018872081994436608
 But this did not happen. With 19.07.2018 WEX do not communicate. That's sad.

there wouldn't be any takers. wex is yesterday's exchange. i expect there's no one on there other than old btc-e customers. you'd have to be nuts to join up as a new user. its alt pairings are bizarre and ancient and fees have always been high.

hopefully this is a hiccup and people will tread carefully from now on.

WEX can at least do Binance style ICO to recoup and recover if they are hacked.

However, the site is up, hope withdraws get back and they pay back tokens

that's clever!

Why your exchange disable all withdrawal? You was set very high fees for withdrawal thru Yandex.Money (20%). It is not our 1% for withdrawal, but traders coulded withdrawal their money within your high fees. Now you disable all withdrawal? You was very big company on our market of exchanges! What happend?

nothing wrong with some calculated risk---that's what makes markets. just be sure to spread the risk around. i was far too exposed to BTC-E when it went down in 2017 and will never make that mistake again.

these days, i'm so paranoid about exchange exit scams, etc that i keep the vast majority of funds in BTC (offline) and keep a stack for high-leverage hedging (mostly futures).

good luck out there, i'm really hoping for a positive outcome at WEX here. as much as i lost on BTC-E last year, i still have a place in my heart for the admins and the people who trade there. lots of money made there over years, and lots of good times in the trollbox.

the next admin WEX exchange:

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.    

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

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.


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

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

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.

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?

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