Users are increasingly worried that an exchange demanding to be based in Singapore is pulling an exit scam following suspicious trading activity and locked wallets that are now preventing all users from withdrawing funds.
Wex which claims to be a Singapore cryptocurrency exchange and formally known as BTC-e was in the news in June 2017 when the international law enforcement and the U.S. targeted the company that has been a long-running and mysterious cryptocurrency exchange.
Recently a suspected WEX employee with a Russian national was arrested. They were charged with laundering billions of dollars. A huge fine of $100 million was slapped to the American regulators.
On July 11, BTC/USD was commercialism on the WEX exchange at over $9,000 despite the worldwide market average being below $6,400. when spiking to $9,000 the Bitcoin reportedly listed steady at $8,000 – over $1,600 over the worldwide worth.
United States/USD conjointly unconcealed strange anomalies with the Stablecoin pegged 1:1 to the worth of the US greenback commercialism at $1.30 on WEX.
WEX Cryptocurrency Exchange Exit Scam
There are many hurdles in the process. This surprising surge in Bitcoin’s worth gave rise to speculations that WEX is either suffering some banking problems, insolvent, or it’s most likely wheelwork up for a planned exit. The crypto exchange’s debatable name and its links to the now-defunct dark market, trade route might have added fuel to the fireplace for such allegations being raised against it.
While the chance to shop for Bitcoin at a separate exchange and conceive to sell it for profit on WEX was probably tempting to several, there was concern that the commercialism worth might are deliberately manipulated to draw users into the exchange for Associate in Nursing exit scam.
According to the news published in CCN, WEX has not responded publicly to claims that an exit scam is taking place, nor the staff has assured users that their funds are safe nor this crypto exchange has not commented on price spike.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]