Featured, International

Users Of Troubled Crypto Exchange WEX Starts Filing Police Complaints

After more than three months of being unable to withdraw either fiat or major cryptocurrencies from the WEX crypto exchange, its users have begun filing police complaints. The users of the troubled exchange have been encouraged by a WEX trader, Ruslan to seek an official investigation into the matter. So far, around 35 such reports have been filed online through the website of the Russian Interior Ministry.

Based on a confirmation after checking against the Interior Ministry’s website, at least seven such reports have been filed since October. The WEX exchange was launched as an attempt to redeem the BTC-e exchange, which was one of the long-running exchanges that had collapsed after the U.S. officials seized its domain. The officials had then slapped BTC-e and its suspected operator with a massive fine of $110 million.

After its redemption, the initial enthusiasm around the WEX crypto exchange started giving way to growing complaints pertaining to withdrawals which manifested in sky-high prices. After months of seeking answers from the exchange, the users have eventually decided to take matters into their own hands. Hence, in an effort to get their money back, the users are seeking an investigation.

Since the troubles of the users began, they have been initially able to withdraw certain coins from the exchange, but at a very high cost. Around late July, the exchange had opened fiat withdrawals as well but with commissions ranging as high as 45 percent. As of now, even this option is no longer available for users, as reported on CoinDesk.

At that time, users came to know that Dimitrii Vasilev, the owner and CEO of crypto exchange WEX, has decided to sell off the company to Dmitry Khavchenko, a militia fighter in Eastern Ukraine. The trading volume of WEX has been consistently dropping from $100 million per day to $20 million in July.  Dmitry Khavchenko stated that in his opinion this drop in trading volume is due to the personality of Vasilev. He stated that Vasilev is a bad manager and added that after purchasing the exchange, he would convert WEX into a powerful and patriotic project, as stated in the RBC report.

[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. ]
coinmag

Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

Leave a Comment

Your email address will not be published. Required fields are marked *