WEX is back to work and is rebuilding its reputation on the new domain wex.sc.
On the territory of Russia and the CIS countries, the Wex.nz cryptocurrency exchange has gained great popularity. In July 2018, its meteoric rise, alas, was interrupted - the news was made public that the project was for sale. This was followed by other events that caused negative among investors - for example, a gradual increase in the commission charged by the site when withdrawing fiat money began. Clients of the Wex.nz cryptocurrency exchange experienced panic and began to hastily withdraw money from the site. This gave the effect of a snowball - the commission for the withdrawal of funds was getting higher and higher. As a result, the Wex administration announced the closure of the withdrawal of the most popular coins, explaining this decision by the need to carry out technical work.
Quite expectedly, the clients of the Wex.nz cryptocurrency exchange attacked the administration with questions about the causes of the problems and the further development of events. There were no answers - at best, technical support referred to technical work, which is supposedly still underway. At the end of July, it became obvious that blocking the withdrawal of cryptocurrencies is actually an indefinite phenomenon, which aggravated the panic. Some coins were still available for withdrawal, but their rates increased significantly - up to 4 times.
In August 2018, the coworking space Blockchain Hub Kyiv hosted an event that shed some light on Wex's problems - the nominal director of the cryptocurrency exchange Dmitry Vasiliev gave an hour-long interview to Mikhail Chobanyan, who headed the bitcoin project KUNA. He said that the deal to sell Wex.nz fell through, although initially there were indeed intentions to conclude it. The information provided by Mr. Vasiliev was not enough, so the experts had only to build the most probable versions of what happened. Some assumed that there was interference from third parties who wanted to take over the Wex project, others assumed that the cause of the problems was an internal conflict.
In September, new information appeared regarding the Wex.nz cryptocurrency exchange - it became known that its previous management retained full control over the financial assets of clients and lost access to the domain name and servers. The alignment became clear, and along with this, an answer to the question of why the withdrawal of cryptocurrencies was blocked.
Unfortunately, the previous and new management of the Wex project failed to agree on the further development of the resource. A solution to the problem was found - the cryptocurrency exchange moved to a new domain Wex.sc, controlled by its previous management. Immediately after the transfer, investors were delighted with the opening of the withdrawal of cryptocurrencies, and in the near future another positive news awaits them - full-fledged trading will resume on the site. The old Wex.nz domain will most likely cease to exist - and the revived Wex project, on the contrary, will confidently move towards the restoration of the good name that it had just recently.
