Withdrawals suspended on OKEx due to Chinese police investigation
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Answer Withdrawals suspended on OKEx due to Chinese police investigation
Cryptocurrency exchange OKEx has announced the suspension and suspension of withdrawals of cryptocurrency deposits for an indefinite period.
OKEx clarified that all cryptocurrency withdrawals are on hold because one of the exchange’s private key holders is out of contact with the platform as it is currently cooperating with Chinese police investigations.
According to Caixin, citing two anonymous company sources, the company’s founder, “Star Xu”, was the employee who was taken away.
Bitcoin price negatively affected:
The CEO of OKEx later said that the investigation was due to a personal issue of this key holder and had nothing to do with the platform.
But that did not stop the investors’ fear as many bitcoins were sold off, as the price of bitcoin on OKEx fell by 3% in 30 minutes of the process of halting withdrawals, and bitcoin touched $11,182 on Friday morning, before starting to rebound to $11,300 again. .
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The OKEx platform indicated in a new notice published early Friday morning that the key holder’s being out of contact prevented the withdrawal permission from being completed.
Hours before the announcement, there were large withdrawals of bitcoin, tron and ethereum from known OKEx addresses, which was picked up by the large transaction monitoring service Whale Alert:
1,180 JPY #BTC (13,588,646 USD) Transferred from # OK For unknown wallet
TX:
– whale alert (whale_alert) October 15, 2020
50,000,000 #TRX (1,317,074 USD) converted from #Okex For unknown wallet
TX:
– whale alert (whale_alert) October 16, 2020
The OKex notice also stated:
Other OKEx functions remain normal and stable and the security of your cryptocurrencies in OKEx will not be affected
We will resume cryptocurrency withdrawals immediately as soon as the respective private key holder is able to authorize the transaction.
OKEx CEO Jay Howe confirmed that the key owner’s cooperation with security officials was due to a personal problem and that the investigation would not affect the work. According As stated on Weibo.
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Howe noted that withdrawals of non-cryptocurrencies (coins) are still being processed, noting that they are not affected.
Malta-based OKEx is the second largest crypto derivatives exchange by 24-hour volume, according to Skew.
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