One may call it propaganda or reality, but it seems Russia has always been slightly more authoritative towards its population over the years. The latest news in Russia for crypto traders has been about Russia’s freezing of withdrawals from the Wex Wallet. According to reports, Russia has also refused to comply with a request to assist in the freezing of millions of dollars.
This is a challenge that has become quite common for crypto enthusiasts in many regions. Whether it be lobbying against it in the U.S.A. or the banning of mining in China, crypto markets still have a lot to overcome.
The cryptocurrency that was withdrawn from the wallet was Ethereum. Over 10,000 Ethereum coins were frozen when they were withdrawn and transferred to other platforms. Many crypto experts are calling the freezing of these funds and Russia’s denial to help premature. It is their opinion that a thorough investigation should be conducted.
The Chief executive of the Wex Wallet was arrested back in September. These reports were confirmed, and the brunt of the force had to be felt by their clients. The refusal of authorities to help the clients over these funds is a clear indication of a clash between the traditional and the technological. If this controversy had occurred with stocks, perhaps more cooperative actions would have been taken.
In any case, the victims of this whole fiasco have to be helped by the concerned authorities. It is time for Russia to step up and protect the interests of the crypto traders involved.