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Crypto Exchange WEX Lets Prices Dip, Withdrawals Suspended

  • Yuri Molchan
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    Prices in WEX exchange are plummeting after planned maintenance work


Crypto Exchange WEX Lets Prices Dip, Withdrawals Suspended

A while ago, the World Exchange Services (WEX) exchange has performed regular repair works. After that problems arose– prices of crypto coins began falling and withdrawals are shut down until July 22.

The WEX mess

Until now, the majority of crypto coins were trading at maximum rates in WEX. However, then the preventive repairing took place, making Bitcoin price plummet from $9,200 to around $8,700. In other exchanges, BTC is going here and there at the price of around $7,400.

The quotes of Ethereum dropped from $600 down to $560. In other markets, this second top coin is trading a price by a hundred dollars less.

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Since the drop in the market took place after the planned maintenance had been finished, some Reddit users and also people in social networks suggested that WEX was scamming some of its traders, since their accounts are locked.

Apart from that, the platform has frozen withdrawals until July 22 due to, reportedly, wallet maintenance.

Reddit gossiping

Redditors are actively discussing the future of the exchange. WEX is another version of the BTC-e trading platform under a new name. The latter does not exist anymore due to the decision of the US government caused by money-laundering accusations.

Alexander Vinnik, a Russian, back then was arrested by the Greek police and charged with laundering $4 bln. The court claimed than Vinnik was an administrator of the exchange, while he insisted that he had not been employed there. The exchange itself later got a fine of $110 mln.

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Cover image via cryptocomes.com
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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