I wouldn't assume either way. It's certainly possible that they are insolvent. But they debited 39-45% of peoples' funds from their accounts to account for that shortfall. It's very possible that the admins were selling coins OTC to rebuild their fiat reserves.
We also don't know how much of their fiat reserves were actually frozen and how much was sufficiently unaffiliated with BTC-E. I think their bigger problem is inability to easily move fiat, which is no surprise. We know none of Mayzus' companies will work with WEX now.
We also don't know how much of their fiat reserves were actually frozen and how much was sufficiently unaffiliated with BTC-E. I think their bigger problem is inability to easily move fiat, which is no surprise. We know none of Mayzus' companies will work with WEX now.
If you read the official announcement on https://wex.nz/news/1 you will see it contains:
Quote
Dear users!
Team of WEX is glad to welcome you on our new platform!
This is our first official announcement!
We thank all ex-users of BTC-E for their patience at such a difficult moment for all of you guys. We on our part have spent a lot of efforts and energy to create a new platform for trade in the shortest time limits. Our platform will operate according to AML/KYC laws and world legislation in this field. You can find all the detailed information here https://wex.nz/page/1
We would also like to thank the technical team of btc-e for their professional help of transferring digital profiles and data of users and also want to emphasize that our company did not cooperate with BTC-E Always Efficient LLP in any way and did not receive their funds.
General information explaining the state of things will be posted regularly on our news channel.
Team of WEX is glad to welcome you on our new platform!
This is our first official announcement!
We thank all ex-users of BTC-E for their patience at such a difficult moment for all of you guys. We on our part have spent a lot of efforts and energy to create a new platform for trade in the shortest time limits. Our platform will operate according to AML/KYC laws and world legislation in this field. You can find all the detailed information here https://wex.nz/page/1
We would also like to thank the technical team of btc-e for their professional help of transferring digital profiles and data of users and also want to emphasize that our company did not cooperate with BTC-E Always Efficient LLP in any way and did not receive their funds.
General information explaining the state of things will be posted regularly on our news channel.
I presume they mean fiat when they say "funds", which makes perfect sense as OKPAY suspended all fiat accounts to do with BTC-e.
Of course they would say that. By all appearances, they are BTC-E, so naturally, their terms say "we aren't BTC-E."
Do you really take them at their word? Think about it: Who buys a "database of accounts and all associated obligations * 55-62% + tokens" and "did not receive funds" to cover those obligations? As if WEX is just some charity giving away free money?
If they were smart, not only was 100% of the fiat not frozen, but the admins pocketed a good amount for their troubles (and towards their retirement). And I think they are pretty smart.