Dear Wirex,
I’m sure you have noticed that some crypto companies are going insolvent, and this is spreading contagion across the crypto lending industry. Customers are pulling their deposits out of companies that are deemed risky, or not transparent enough. Me and others are trying to evaluate whether Wirex is a safe place to keep our assets.
With this in mind, can you please answer the question below. Please answer all the questions directly. Note that in the following questions, “customer” refers to retail clients who have deposits of crypto assets in Wirex in a digital or X-account:
What exactly do you do with customer crypto deposits into normal Wirex Accounts? Do you lend this money to others, or do you custody these assets with a third party in exchange for revenue? If so, who?
What exactly do you do with customer crypto deposits into Wirex X-Accounts? Do you lend this money to others, or do you custody these assets with a third party in exchange for revenue? If so, who?
If you loan our crypto assets to a third party, are the loans collateralized or uncollaterized?
If you loan our crypto assets to a third party, and the third party goes insolvent and can’t repay the assets you have loaned to them, how does this impact your customer’s
Are Wirex customers who deposit into either your normal crypto accounts or X-accounts categorized as unsecured creditors?
pull out of Wirex as soon as possible, their in-app customer support makes up things & their email customer service moves slower than a glacier, plus they retain the right to do what ever they please with your WXT without notice after the fact (unless you ask them), left alone a heads-up BEFORE stealing your tokens.
@moderators
One of your competitors, Vauld, has just frozen withdrawals due to financial difficulty. I notice that you have not answered my questions at the start of this thread from 16 days ago. I also notice you have made no public statement about Wirex’s financial position in light of the financial difficulties of many other crypto companies.
Should I conclude that Wirex is struggling? How are you able to offer such high interest rates? Is Wirex a ponzi scheme?
Please answer my question at the beginning os this thread immediately.
To other users in the Wirex forums. This IS NO a thread for you to ask about your personal account difficulties. Please do that elsewhere.
@wirexisl Kindly note that Wirex is a fully regulated company. We comply with all the legal obligations we are under. We will be happy to assist if you have a specific issue with the app that caused you any frustration.
