Core Product 

WeFi’s core products include its permissioned blockchain, WeChain, and the WFI token. The ecosystem provides a comprehensive infrastructure for users and financial institutions, featuring neobanks, remittance kiosks, stablecoin solutions, KYC platforms, and AI-powered financial analytics tools. 

Founders, Team & Partners 

WeFi’s founding team includes experienced professionals: 

• Reeve Collins – Former CEO, Tether 
• Maksym Sakharov – Exflow former CEO, WeFi Group CEO 
• Roman Rossov – Former Product Director, Wise 
• Farkhad Shagulyamov – Former CEO, Velas 

The board includes Yusuf Mirakhmedov (Former COO, Tradeleaf) and Khaled Suleiman (Former CEO, Abu Dhabi National Bank). Investors are focused on crypto and fintech venture capital, while partners include Visa, BingX, and other fintech firms. WeFi’s blockchain is built on the Cosmos SDK. 

Vision and Mission 

Vision: Enable every individual to achieve financial freedom through a secure and fair system. Mission: 

• Modernize traditional banking 
• Prevent financial crimes via decentralized networks and AI 
• Provide infrastructure compliant with local and global regulations 
• Build a sustainable ecosystem for users and businesses 

How WeFi Works 

WeChain 

• WeFi’s WeChain blockchain is built on Cosmos SDK, offering L1/L2 solutions tailored for financial services: 
• Decentralized validation via validator and node networks 
• AI and ITO (Initial Technology Offering) nodes for proactive risk analysis 
• Data control and revenue models for businesses and users 

ITO Platform 

• The ITO platform enables users and companies to join the WeFi ecosystem: 
• Users buy ITO tokens and participate in WFI token mining 
• Engagement via tasks, staking, and referral programs 
• Fair token distribution rewarding early adopters 

Neobank & Remittance 

• Physical and virtual crypto cards 
• Fast transfers in fiat and crypto 
• User-focused loyalty programs and WFI incentives 

Token Information 

• WFI Token 
• Total Supply: 1,000,000,000 WFI 
• Circulating Supply: 56,780,000 WFI 

Distribution 

• Mining (ITO): 862,068,966 WFI 
• Referral/Staking Rewards: 127,931,034 WFI 
• Exchange Reserve: 10,000,000 WFI 

Token Use Cases 

• Transaction and gas fees 
• Neobank and remittance payments 
• Staking and liquidity pools 
• AI node computing power 
• Access to financial applications and rewards 

Mining & Vesting 

• PoS-based mining
• Duration: 8 years, halving every 2 years
• Vesting: 180 days with daily gradual release

Ecosystem & Products 

• ITO Platform: ito.wechain.ai 
• WeChain Blockchain: wechain.ai 
• Neobank: wefi.co 
• On-chain Kiosk Franchise 
• Mass Adoption Games 

Roadmap 

• 2024 Q2–Q4: ITO platform & Neobank beta, WFI listings 
• 2025 Q1: WeChain development, staking & loyalty programs 
• 2025 General: Mainnet, AI nodes, Cash-Crypto ATMs, local & global rollout 

Strengths 

• Inclusive, user-focused ecosystem 
• AI-powered proactive financial crime solutions 
• Real-world application-driven products 
• Token incentives promoting long-term user engagement 
• Unified solution integrating neobank, remittance, and DApp infrastructure 

Conclusion 

WeFi combines blockchain and AI to redefine financial access and user engagement. With its WFI token and WeChain infrastructure, it offers a sustainable ecosystem for both users and institutions. By aiming for a decentralized, secure, and globally compliant financial system, WeFi bridges traditional finance and DeFi. 

Official Links 

• Website
• Twitter
• Telegram

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The post What is WeFi (WFI)? appeared first on Coin Engineer.

Ho’s Crimes and Her Prison Sentence

Ho committed the crimes while working at the WeChain platform, which handled payroll for Bybit from October 2021 to October 2022. She falsified payroll records and transferred $5.7 million to four crypto wallets she owned. It was reported that she sent a total of $4.2 million to these wallets. The court sentenced Ho to a total of 9 years and 11 months in prison for her actions.

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Ho used the stolen funds to finance a luxurious lifestyle, including a deposit of $750,000 for a penthouse worth over $3.7 million. She also purchased high-end items from brands like Louis Vuitton, including bags, rings, shirts, and shoes. This lavish spending was funded entirely by the money she stole from Bybit.

Police Operation and Recovered Assets

Ho attempted to launder the stolen funds, but Bybit was able to recover over $1.1 million in Tether (USDT) and $140,000 from one of Ho’s bank accounts. Police also seized assets worth over $330,000, including a Mercedes-Benz car. Despite this, Ho has not offered to repay the remaining funds to Bybit.

Before the fraud was discovered, Ho misled police by claiming that her “cousin,” Jason Teo, was responsible for the unlawful transactions. Investigations later revealed that Jason Teo did not exist. Ho’s lawyer argued that her actions were a “lapse in judgment,” but the court determined her guilty.

Ho’s 10-year prison sentence highlights security vulnerabilities in the crypto industry and the rising number of fraud cases. This Singapore case serves as a crucial lesson for crypto exchanges on how they must secure their internal systems.

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