The OG btc-e team symbolized what crypto stood for - freedom, sovereignty and trust. While I don't condone any of the alleged money laundering operations - I certainly admire them for standing upto no less than the Feds and trying to do the best for the users. Not sure any other exchange would even try that, given how hard the Feds made it for them. So yea - would easily trust btc-e OG crew - if they could verify their identities in a reasonably assuring manner.

They could still have used something like an .onion website or maybe some decentralized option if that was the case. Maybe still can ? Hope so

Thanks man, appreciate your help ! Will try to look into these. Thanks again.

I still have some hope somewhere, I know its bleak - but hope the funds are still in their possession and they use some decentralized means to distribute it to us. Wish the Feds were more sensible - they are actually hurting people who are caught in the crossfire here.

Yea - been a while now, but I believe I read somewhere on twitter that the funds are still in the cold wallet (not sure if thats the one frozen by binance though). Just hoping people are able to salvage something - the original btc-e owners at least tried against the wishes of the Feds - hope wex.nz stall also has some balls to do the same!

Shouldn't these guys be held accountable for our losses then ? Has anybody tried to contact/complain ?

yea I'm hoping against hope too - if anybody from the original btc-e team was involved I'd expect them to have a strong moral compass - those guys went against the Feds to at least try and bring back wex.nz. Hoping someone with a conscience from the team comes across these posts !

^ Has anyone tried to contact this new exchange ? Maybe they do have some information to share with us ? Or maybe funds

Any news ? Any forum where at least the users are trying to recover stolen funds ? I'd like to be part of any such initiative, even if it has 1% chance of recovery.

Wex.nz also shut down all of a sudden and there is no activity. Even I'm wondering if any of the funds are recoverable !

Thanks, will let you know if the need be.


Makes sense - I was primarily worried about this because I believe the IT department had sent out notices to traders in the country asking them to list details like addresses, exchanges, etc - about a year back.


Seems like the logical thing to do. Hopefully they don't end up harassing people.


Easier said than done. Some of the exchanges have gone down completely and even funds have disappeared, forget records ! So how does one even deal with such missing records ? Yea but I get the larger point, keep records of trades from here on. Can be very cumbersome though.


I hope that is the case, some people say its not taxable and have heard some others say that it depends on the INR rates of the trade. I'd like to believe that crypto-crypto is non-taxable in our country.


Honestly its difficult to find someone "knowledgeable" and "unbiased" coz until the Govt clears the stand its probably one opinion over another.

Had quite a few funds there - anything we can do to even make an attempt to recover them ? This sucks to lose out with no information at all.

Great. Thanks guys - yes I should have clarified the 30% was applicable and not 20% - that part was already clear for me regarding capital gains. Apologies for the confusion.

Great. Thanks - perhaps I should have clarified the person sold some amount earlier (what I meant by "barely") and capital gains was paid on it accordingly at 30%. So that leaves me to conclude

1) Crypto-Crypto trades are not taxable, only Crypto-Fiat is.

2) Crypto Holdings are not needed to be declared in IT returns.

Let me know in case I have misunderstood.

Thanks mate - just the answer I was thinking and hoping. Although there was a circular sent out earlier by the IT dept to all the traders on local exchanges - that doesn't seem consistent with non-declaration of crypto. Iirc that circular had asked for all holdings/addresses/exchanges that a person holds - pretty much a declaration of crypto assets. I hope your logic is right though.

Why do you say to contact a CA regarding earlier years? If crypto to crypto is non-taxable and crypto doesn't need declaration - according to your logic. Coz in that case everything seems to be fine according to law. Are you unsure of your assertions here ? Totally understandable due to the confusion.

I have a couple of questions I needed clarity on wrt to tax. Say an individual had bought crypto a long time back (2013-2015 period) and had barely sold any crypto for cash. This would obviously mean substantial sums in todays INR value if converted.

1) a) Is the person required to declare our crypto holdings in the Income Tax returns ?
    b) If answer to a is YES - What if a person has not declared any crypto holdings so far in any of the previous returns ?

2) How do people deal with exchanges doing down/missing records ?

3) Are crypto to crypto transactions taxable ? If so - how ?

Any other general advice that one needs to know for such individuals ? Trying to help a friend.

Most definitely. The media should in fact have focussed on this case given the precedence of the Feds going after btc-e and wex.nz replacing it !

Most of the coins we had there were pretty much converted to illiquid tokens that were difficult to withdraw - this is scam^2

Not sure - but I'd like for someone from wex.nz to step up and at least claim responsibility for what happened and also at least offer to refund investors ?

So far we are completely in the dark about what has happened. Atleast btc-e staff earlier stepped up and _tried_ to fight the situation.

Maybe we should approach law enforcement for this ?

Any developments ? This is getting painful - been so long.

Do they have a new handle on twitter? tor set up ? some settlement mechanism ? F*ck anything at all here ?

Is the lockdown due to binance freezing their funds or their own doing ? We could appeal to binance/law authorities to release funds - unless there is a better way .... open to suggestions.