WEX Investors Demanding Funds as Police Reports Increase
After a period that has exceeded 3 months, users of the crypto trading exchange platform WEX, which has long experienced a multitude of issues, have resorted to filing police reports because they haven’t been able to withdraw any of their cryptocurrencies or fiat balances during that time.
One user, who is encouraging people stuck in the same situation to go to the police to expedite an investigation taking place, stated that the number of reports on this matter has reached thirty-five on the Russian Interior Ministry website, among them 7 reports filed as of last October.
It’s quite odd for users of the crypto exchange platform whose operations were just bordering the market to pursue assistance from the local government. The platform was built from what remained of BTC-e, an obscure exchange in itself that has run for some time but had eventually fallen apart after US government officials confiscated the domain and issued the agency and its management a jaw-dropping $110 M fine.
However, the hype around what is to be considered a major return of BTC-e back into the market was dissolved among increasing dissatisfaction surrounding the withdrawal process fueled by an insane jump in prices when compared to other popular platforms. These issues are still available today, in which Tether, which lost its parity with the US dollar just last week, is being traded on the WEX platform for a shocking $6.99.
Users are in effect seeking help via an official police investigation demanding their funds back. To make matters worse, it is not really known who is running the platform at this point, which means users have no idea who is protecting their funds. Users hope the police take action against the Chief Executive Officer of WEX Dmitri Vasiliev and his team, in hopes that they never initiate another crypto project in the future.
More Questions and High Prices
Users have declared that they have been able to have access to some coins from the platform since these issues began to arise, but it has been quite costly. They say USDT, ZEC, NMC, and PPC could be withdrawn, but they have remarkably high prices when compared to others in the market, so purchasing them for the sole purpose of getting their money off WEX is an expensive option.
There are other cryptocurrencies on the platform that sell at similarly high prices, like BTC which stands at $8,602 (as opposed to $6,450 on other platforms), and ETH standing at $319 against $204 elsewhere.
Last July, it seems users were able to access fiat, but commission costs were up to 45%. Some of them contemplated removing their money from the platform, even with these prices, because as they wait longer it becomes harder to trust the way things seem to be managed. However, this is not an option today.
Traders on WEX seem to have been affected by this current situation as now the volume on the platform has decreased to just $1 M daily when previously it was tens of millions.