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Witnessing the digital breakthrough

WEX Cryptocurrency Exchange — What’s New On The Horizon

15 December 2018 16:20, UTC
WEX Cryptocurrency Exchange — What’s New On The Horizon
By Paul GRAPES

BTC-E Exchange was the largest Russian cryptocurrency exchange. In 2017, the sudden “technical issues” actually turned out to be the miserable end of the project. It soon became clear that the website’s servers were arrested by the FBI. Later, Alexander VINNIK, one of the project members, was arrested in Greece on suspicion of money laundering. The panic spread among the exchange clients — some of them have lost tens and hundreds of thousands of dollars.

However, another person entered the game: Dmitry VASILYEV offered his services to the administration of BTC-e. As a result, the WEX currency exchange appeared, with Vasilyev as a nominal owner. Legally, the new project was not somehow related to the closed BTC-e, but had a similar design and client database as a legacy from the previous exchange, as well as obligations to users.

During a specific period of time, WEX cryptocurrency exchange developed and gained momentum — up to $80 mln of daily turnover, according to Coinmarketcap. However, it didn’t last long: the problems started with account restrictions as well as with asset transfers. In July 2018, the unreasonable changes in the Bitcoin exchange rate followed, and large fees were introduced for the withdrawal of funds. Soon, it became possible to withdraw money only with a loss of about 80% of digital coins. WEX exchange reviews became hilarious after that. Dissatisfied users went to the court, but, apparently, this initiative did not have any positive consequences. “WEX scam” slogans appeared on social media and different other crypto sources.

Finally, the exchange was sold to a new owner, Dmitry KHAVCHENKO, from the People’s Republic of Donetsk. According to Vasiliev, the amount of the transaction was supposed to be from 3 to 10 mln U.S. dollars, and all the funds from the transaction were supposed to be aimed at covering the obligations. The negotiations were somehow murky, Vasilyev even called the WEX crypto exchange reviews and rumours as “the fantasies of journalists.” However, in August it became known that the transfer of the exchange eventually happened.

The details of the final agreement are mostly unknown, but the exchange went to the daughter of Khavchenko. There were also some troubles with a domain name wex.nz — Vasiliev could not verify the authenticity of the registration. The destiny of WEX is unclear still. The new owners of the exchange are still talking about ambitious plans to “create a patriotic alternative to the dollar,” said Dmitry KHAVCHENKO in his interview to BBC in December, also adding that the activity of the exchange will be aimed at financial support of the unrecognized republics.

Image courtesy of cryptinex.com

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