Lidings acts as the authorized representative representative of WEX Crypto Exchange for accepting applications of clients for refunds of assets that were previously lawfully transferred to the exchange for investment purposes.
Current status of the refund procedure:
As previously communicated to WEX clients, the submission of applications and the compilation of client dossiers were suspended as of September 1, 2024.
All applications submitted before this deadline have been processed, and the corresponding dossiers have been compiled and submitted to WEX’s management for review. We are pleased to report that significant progress has been made in locating clients, verifying their identities, and obtaining documentation confirming the lawful origin of their funds.
The first batch of applications has been reviewed, and a decision has been made to approve refund. In accordance with the agreements signed with the applicants, all outstanding issues have been resolved, and the approved compensation amounts have been disbursed. The refunds became possible despite the lengthy process of verifying the legality and admissibility of such payments with banking institutions.
At the moment all applicants that have signed debt settlement agreements received their refunds.
The review of claims is a time-consuming process, and we kindly ask applicants to remain patient while awaiting further updates regarding their applications.
Applications submitted after September 1, 2024, will be processed by WEX management after all applications filed prior to this date have been reviewed.
Additionally, we would like to inform you that Alexey Ivanov (Bilyuchenko), the individual found guilty of embezzling client funds, has still not complied with the court’s ruling to compensate for the damages and does not cooperate with the victims. We believe that joint efforts with WEX investors could influence the potential timing and amounts allocated for future refunds. We rely on cooperation with WEX clients to expedite the resolution of these matters.