What's up with the discount on WeExchange's Bitcoin IOUs?

In the client's internal BTC/XRP market, I can buy BTC/Bitstamp for 79,990 XRP.

But I can buy BTC/WeExchange for just 44,000 XRP. That's almost half the price. Is WeExchange not redeeming at the moment? That's the only thing I can think that would cause them to trade at such a large discount. Which would explain the above complaints.