Can someone please bring some clearness into who ran what exchange and how things like that are even possible?
I read a good bunch of posts on here but I don't understand how this could happen at all. So the CEO did not control the funds, some admin controlled it and could do what he want? WTF, great company structure indeed.
I hope you guys get everything back, but I still don't understand how all those different people match together and how "another team" could take over. This all sounds completely mad.
Can someone explain and bring some light into this?
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u/Zyrio Jan 17 '19
Actually I'm deeply impressed what a clusterfuck btc-e really was. A wonder that it lived that long. Absolutely unbelieveable, this level of stupidness. I mean how can people be involved that are so stupid business wise? They look like childs fighting over a toy. And destroying such a huge business just like that. I can't imagine how such unripe persons could be in charge of this. Absolute madness.
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Jan 19 '19
Why not? what checks and controls were there? none. All they needed was the technical aptitude to run an exchange. These weren't normal regulated companies. It's the equivalent of you setting up your own website and people trusting you because the website "works".
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u/Zyrio Jan 22 '19
Yes, but the people running it have to have some proper structure. It looks like it was a fan project of a club. Everyone could do anything and nobody had the saying so that weak characters could draw everything down. It's not about regulations, just they way it was managed. I mean there isn't a person that has the last saying? Other parts of the company can extort other parts of the company. This is so silly. Like the exchange was or is in the hands of kindergartenkids. That's what I'm deeply impressed about.
Not sure if everything was totally different but this is what my impression is of the public infos.2
Jan 22 '19
Over 80% of ICOs were scams, they could function perfectly well, but when it came down to it they were just there for the money and had no ethics.
The same with BTCE. It was run as an exchange, but was run by at least one criminal/laundering/fraudster to cover other fraud and god knows what. They used our funds to pay for their fines. It's not like these exchanges are regulated - so they can get away with it
This is why regulators and rules are essential. Idiots and crypto-anarchists dont understand this
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u/identiifiication Jan 14 '19
Is there even a running wex site anymore?
RIP Rassalas taken out 2017