WEX on trial: the victims of the Russian traders served a class action

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Russian traders who were victims of prolonged “technical work” on the cryptocurrency exchange WEX, a year ago replaced the oldest Russian site BTC-e decided to bring the problem to the attention of the public and law enforcement.

The essence of the conflict

After the scandalous closing of the exchange BTC-e of U.S. intelligence it was purchased with the goal to rebrand, after which the light appeared WEX. The platform has gained popularity due to functionality and accounts BTC-e and promises to compensate the lost during the devastation of the predecessor funds.

About the problems with the cryptocurrency exchange WEX became known in the beginning of July 2018. During this period, users have started to notice the inconsistency of the exchange rate of bitcoin on the exchange to other platforms. Representatives of WEX blamed the incident on “technical problems”, freezing the possibility of withdrawal, has created the first wave of panic among users.

As of the moment, the only more or less running tool for withdrawal from the stock exchange is a cryptocurrency ZEC. However, in practice its application, including the fee and the necessary conversions, allows you to get to less than 20% of the original amount of the withdrawal. Also available conclusion XMR, USDT, NVC and NMC, but liquidity for them is even smaller and the conclusions are usually stuck for a long time or canceled.

The present head of the stock exchange Dmitry Vasilyev accused of misappropriation of the money of the users. It is noteworthy that the scandals of the WEX has also fueled the news about its possible sale
and unfulfilled promises the Director General of the imminent rebuilding work.

The gathering of the initiative group

Initially, the call for an Association of affected citizens, hungry for revenge, was made in the Telegram chat “Wex.nz Initiative Group”. As a valid step, it was proposed to submit the corresponding application to law enforcement. The form was published on the website of activists.

The line charges is based on assumptions about the use of staff exchange of fraudulent schemes, as well as breach on their part of the established rules of storage and operation information that corresponds to articles 159 and 274 of the criminal code.

Controversial point is the application in law enforcement bodies of the Russian Federation. The fact that the owner of WEX, Dmitry Vasiliev, is outside the country and jurisdiction is Singapore. The initiative group explained its decision by the fact that the working domain of the website from which it is collecting the applications registered in the territory of the Russian Federation.

His intention to bring the case to court, the representatives of the injured party, who organized the collection of applications, explain the desire to seek justice through involvement in the incident, public attention and government bodies. The latter, in their opinion, has not shown proper attention to the problems of ensuring the regulatory framework for the safe operation of Russian citizens with digital assets.

The chances of justice

Unfortunately, the actual legal field in relation to the organization of work with bitcoin exchanges and digital assets is not able to provide the necessary protection of the rights and interests of the injured party. However, drawing attention to the problem, given its magnitude, can really be a reason for the intensification of regulators.

A real chance for a refund from the stock exchange, it is difficult to estimate as high as Dmitry Vasilyev often referred to only as the nominal owner, without a valid control site. He has repeatedly said that actually manages the exchange since the end of last year.

As for the people who actually have access to the assets of WEX, in their search there are no “clues”. If they are arrested special services of other countries, to seek redress for Russian traders will be even more difficult because the input of funds to the stock exchange in most cases not documented and transaction in the blockchain is not legally recognized payment transactions. Therefore, the trial of Dmitri Vasilyev, even if it takes place, will lead to the punishment of a “scapegoat” and “steam release” the most active users. The exchange WEX is now able to disappear at any moment, as the chances of resumption of full-fledged work with every day are becoming more elusive.

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