Russia Allegedly Fails To Honor The Requests Of Wex Crypto Exchange’s Victims

Russia has reportedly failed to help a group of victims of a now-defunct crypto exchange Wex. According to reports, the victims had filed a request with the Russian Ministry of Interior to help do its part, by blocking crypto funds that were removed from a wallet controlled by Wex, especially as more than 10,000 ETH have recently been withdrawn from the wallet and transferred to other platforms.

Russia Refuse To Do The Bidding of Wex Victims, By Failing to Freeze $46 Million Worth of Crypto Lost to The Exchange

The Investigation Department of the Ministry of Internal Affairs of Russia (MVD) has reportedly refused to do as wanted by the victims of Wex. Their request was for the government to take necessary actions in seizing digital assets worth around $45.9 million, that were withdrawn from one of its wallets in September, shared on social media by the CEO of Indefibank Sergey Mendeleev who referenced an official document from the state department.

Forklog also reported that the former Wex users did submit to the MVD, a well-detailed explanation of how the funds were moved. In addition, they also included data from an analytics tool as evidence to prove the coins were stolen. After that, they came forward to report to authorities that they had reached out to Binance where about 97.8 ETH was sent. Binance truly held their own and froze the assets for seven working days, as part of their present practices after receiving convincing evidence of a theft.

However, the party that asked for the measure then has to contact relevant authorities and get back to the crypto trading platform, with a police report. It is only after all this, that Binance would then help investigators to resolve the case.

Although the Wex clients reached out to the Russian Interior Ministry to help seize the stolen funds, sadly, the official response on October 25 was that the department would be needing more time. The MVD believes that it will be too early to seize the assets given the circumstances and would like to further investigate the matter.