Leading crypto-exchange OKex has suspended all digital assets and cryptocurrency withdrawals indefinitely until further notice. The issue in question is that one of the exchange’s private key holders is “currently cooperating with a public security bureau in investigations where required.”
According to reports, OKex has been out of touch with the concerned private key holder and as such could not complete the associated authorization.
The exchange assured users that all other functions remained normal and stable and the security of assets on OKex would not be affected by this suspension.
Following the announcement, the price of Bitcoin on OKex dropped 3% to $11,208 before recovering slightly to $11,327 at the time of writing.
Following the announcement, the price of Bitcoin on OKex dropped 3% to $11,208 before recovering slightly to $11,323 at the time of writing.
Jay Hao, CEO of OKEx in a tweet, reassured users and noted that user funds are safe.
All operations @OKEx except digital asset/cryptocurrency withdrawals remain unaffected.
All your funds and assets are safe.
The investigation concerns a certain private key holder’s personal issue only. Further announcements will be made.
— Jay_OKEX_CEO (@JayHao8) October 16, 2020
Members of crypto twitter have also speculated on the issue citing rumors of over 800 accounts that are involved in cross border money laundering potentially linked to the current scenario. Alistair Milne, noted,
Rumours about ~800 accounts involved in cross-border money laundering
— Alistair Milne (@alistairmilne) October 16, 2020
This article will be updated as the story develops…