Unusual trading activity on WEX: Bitcoin trades at up to $9000

11 Jul, 2018
by David Robb
Unusual trading activity on WEX: Bitcoin trades at up to $9000

Crypto exchange WEX (former BTC-e) has seen some unusual trading activity today, with Bitcoin being traded for as much as $9000. There have been allegations of an exit scam.

The abnormally high price of Bitcoin on the exchange rang alarm bells on crypto Twitter. Many observers suspected that some scam activity might be involved, with the large sums paid out for BTC not intended to be honoured for long. 

Comparisons were made with the Mt.Gox scam, where crypto prices were manipulated in order to encourage arbitrage.

Others believed that this was perhaps a more simple pumping scheme, or simply a result of the declining popularity of the WEX exchange. WEX is a relaunched version of BTC-e, which was previously shut down due to some suspicious activity.

This latter explanation seems the most likely one, considering the price of Tether on the exchange. The US Dollar-backed 'stablecoin', intended as a one-for-one digital tokenization of USD, is currently trading at a lot more than that.

At the time of writing, BTC is trading for $8191 on WEX. Coinmarketcap has its real price at $6418.

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