Crypto Investors Unable To Withdraw Funds From WEX, Police Filings Mount

By Kapil Gauhar

Users of the long-troubled crypto exchange WEX have started filing police reports for being unable to withdraw cryptocurrencies or fiat after more than three months.

A WEX trader, Ruslan, expressed that as many as 35 reports had been lodged so far through the site of the Russian Interior Ministry. Based on the confirmation numbers checked against the Interior Ministry’s website, at least seven such reports have been recorded since October.

The fact that users of a crypto exchange would seek help from the government is notable itself. WEX was developed on the ashes of BTC-e, a well-known, mysterious and long-running crypto exchange that ultimately collapsed after US officials seized its domain and slapped its suspected operator with a massive $110 million fine.

The initial enthusiasm everywhere, which was effectively a reincarnation of BTC-e, gave way to the increasing complaints around withdrawals. This manifested in skyrocketing prices well beyond those which were reported on more public exchanges. Those issues persist even today with the price of USDT trading for a whopping $6.99 on WEX.

After months of demanding answers, WEX traders are considering matters while seeking an investigation to get their money back. The recent advancements continue to stoke questions, like who is running WEX? And, who is safeguarding user funds?

Ruslan expressed that he hoped to make law enforcement take estimations against WEX’s CEO Dmitri Vasiliev as well as his conspirators for preventing them from starting any new project in crypto.

He stated, “The main idea has been to show other users that they are not alone, that we can act together and fight for our rights by legal means.”

With traders demolished by the circumstance, exchanging volume on WEX, once in the several millions, has dove to under $1 million every day. This has left the market speechless.