WEX exchange started own tokens bought out

Ex - BTC-e cryptocurrency exchange started the program for the own tokens bought out
02 November 2017   1392

Tokens were issued to compensate for the missing fiat funds of the former BTC-e cryptoexchange, which was closed due to accusations by the US authorities of money laundering and participation in unlawful activities.

The program will consist of two stages. At the first stage, tokens will be redeemed in parts. Information on the percentage of purchased tokens will be published on November 2. At the moment of press, there are no information about it in official WEX channels.

Our company is working under the laws of Singapore which considers digital currencies and tokens as a "digital asset". It means that we have the right to issue tokens, a “digital asset” with conditions and price specified at the start and available for trading.
 

WEX announcement

We will keep our eye on this situation so stay tuned! 

WEX to be Called for Singapore Court

Thai citizen, ex BTC-e trader Pimporn Karti, filed a claim for $2,600,000 to WEX 
12 July 2018   256

In accordance with the order issued by the High Court of Singapore with respect to World Exchange Services (WEX), the defendant is obligated to pay Pimporn Karti, a Thai citizen, $ 2,619,912.08 plus additional SGD 2,000 or appear on 12 July to protect its interests in the trial. Otherwise, the court can make a decision not in favor of the defendant without further notice, the document says. This is reported by Coin Radio.

WEX is the legal successor to the infamous BTC-e exchange - once the largest Russian crypto exchange. BTC-e ceased to exist after the arrest in July 2017 Alexander Vinnik. At the same time, the FBI arrested the exchange server in the data center in New Jersey.

According to the statement of claim, which is attached to the court summons sent to WEX, on September 19, 2017, the crypto-exchange on its official website notified that it received from the BTC-e digital user profiles in full. At the same time, access to the client's assets was lost.

The plaintiff since 2012 was the trader of the BTC-e site, where he had three accounts with four crypto-currencies: bitcoin, ether, lightcoin and Namecoin. As of July 3, 2017, one of the accounts held 10 572.36 LTC coins. The plaintiff does not remember the balances of the other two accounts, because since July 25, access to the BTC-e platform was impossible.

On September 20, WEX returned access to the system. Upon entering the account, the plaintiff discovered that the structure of the balances on his accounts changed, some funds were lost.

Then the husband of Pimporn Carti contacted the WEX support service and asked to return the balances to the previous state. He was told that all claims of customers for reimbursement are considered by a third party - the company FXOpen, which provides trading services in the forex market. On October 2, 2017, FXOpen informed the plaintiff by e-mail that it had no means of BTC-e in its system and recommended to contact the representatives of this site again.

However, the defendant did not comply with the request and did not provide a report on how the balances of the plaintiff's accounts were reduced.

At the moment, Pimporn Carti, a Thai citizen, has the following requirements for WEX:

  • return the balances according to the following structure: 139,81467001 BTC, 11,645.36 LTC, 715.21047164 Name coins, 49.61 ETH;
  • as an alternative: to pay monetary compensation in the amount of 3 512 306.53 Singapore dollars, which is equivalent to $ 2 619 912.08. The amount is calculated in accordance with the WEX crypto exchange rate as of May 25, 2018;
  • as an alternative: provide all the necessary data on the balances of all plaintiff accounts opened in BTC-e and transferred to WEX.