WEX.nz - page 3. | Bitcointalksearch.org

gentlemand

legendary

Activity: 2590

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Welt Am Draht

Quote from: malevolent on June 15, 2019, 05:15:07 AM

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.

thenoblebot

sr. member

Activity: 364

Merit: 252

Quote from: malevolent on June 15, 2019, 04:29:17 AM

Quote from: LightningSphere on June 15, 2019, 02:08:35 AM

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

LightningSphere

newbie

Activity: 22

Merit: 3

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

malevolent

legendary

Activity: 3472

Merit: 1722

Quote from: gentlemand on June 15, 2019, 04:51:43 AM

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.

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

Quote from: malevolent on June 14, 2019, 04:26:39 PM

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

legendary

Activity: 3472

Merit: 1722

Quote from: LightningSphere on June 15, 2019, 02:08:35 AM

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.

LightningSphere

newbie

Activity: 22

Merit: 3

Quote from: malevolent on June 14, 2019, 04:26:39 PM

Quote from: illyiller on June 14, 2019, 04:14:44 PM

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

legendary

Activity: 3472

Merit: 1722

Quote from: illyiller on June 14, 2019, 04:14:44 PM

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).

illyiller

hero member

Activity: 697

Merit: 520

Quote from: jumbotrades on June 14, 2019, 01:46:54 PM

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

legendary

Activity: 3472

Merit: 1722

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.

jumbotrades

newbie

Activity: 7

Merit: 0

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

thedreamer

legendary

Activity: 1694

Merit: 1002

Go Big or Go Home.....

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

LightningSphere

newbie

Activity: 22

Merit: 3

It is so weird, there is absolutly no info on the net about this case. How is that possible, there are at least some people that know what has happend, why don't tell the world?

thenoblebot

sr. member

Activity: 364

Merit: 252

Quote from: malevolent on June 10, 2019, 01:32:43 PM

Some people are trying to go after them (https://wex-scam.com/news/, various Telegram channels, etc.), apparently the ex-CEO is now wanted in several countries, but good luck to anyone who lost anything there, chances are low to perpetrators will face justice, and even lower anyone will get anything back.

Yea - been a while now, but I believe I read somewhere on twitter that the funds are still in the cold wallet (not sure if thats the one frozen by binance though). Just hoping people are able to salvage something - the original btc-e owners at least tried against the wishes of the Feds - hope wex.nz stall also has some balls to do the same!

malevolent

legendary

Activity: 3472

Merit: 1722

Quote from: thenoblebot on June 10, 2019, 12:18:22 PM

Shouldn't these guys be held accountable for our losses then ? Has anybody tried to contact/complain ?

Some people are trying to go after them (https://wex-scam.com/news/, various Telegram channels, etc.), apparently the ex-CEO is now wanted in several countries, but good luck to anyone who lost anything there, chances are low to perpetrators will face justice, and even lower anyone will get anything back.

thenoblebot

sr. member

Activity: 364

Merit: 252

Quote from: malevolent on June 08, 2019, 10:04:08 PM

The money is gone, and at least some of the people behind wex went on to start a new exchange:

https://bitsonline.com/velvet-new-wex/

Shouldn't these guys be held accountable for our losses then ? Has anybody tried to contact/complain ?

malevolent

legendary

Activity: 3472

Merit: 1722

Quote from: thenoblebot on June 08, 2019, 03:57:28 AM

Had quite a few funds there - anything we can do to even make an attempt to recover them ? This sucks to lose out with no information at all.

The money is gone, and at least some of the people behind wex went on to start a new exchange:

https://bitsonline.com/velvet-new-wex/

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

Quote from: thenoblebot on June 08, 2019, 03:57:28 AM

Had quite a few funds there - anything we can do to even make an attempt to recover them ? This sucks to lose out with no information at all.

Not a bean. It's all in the hands of others. Since we've heard nothing from anyone about anything it's either been given up on or the wheels will turn incredibly slowly. My guess is that whatever money is left is long gone.

thenoblebot

sr. member

Activity: 364

Merit: 252

Had quite a few funds there - anything we can do to even make an attempt to recover them ? This sucks to lose out with no information at all.

vm1990

legendary

Activity: 1540

Merit: 1002

Might be no hope but wonder if they'd be open to someone or a group buying there platform. Probably never get the money back but as platforms go it was quite nice and as a community it would be great to have our own exchange

Topic: WEX.nz - page 3. (Read 62362 times)