Large cryptocurrency exchange OKEx finally continues to withdraw clients’ assets after several weeks of waiting.
The stock exchange stopped trading for the first time on 16 October, and this decision then shook the cryptocurrency markets.
According to today’s announcement, full withdrawals from customer accounts will be resumed no later than 27 November. OKEx will perform security checks to resume hot wallet transactions and ensure that users’ funds are safe.
OKEx states that users’ funds are covered by 100% reserves and therefore “can be withdrawn without any restrictions when withdrawals are resumed”.
Withdrawal of withdrawals will coincide with the reward loyalty program as a means of exchange to apologize for the long freeze on users’ funds. Detailed information about the program will be published in the next few days.
Today’s announcement explains why the stock exchange originally decided to freeze withdrawals, indicating that one of the private key holders “has completed assisting the authorities with the investigation discussed earlier.”
It was reported that this person, due to their involvement in the investigation, could not approve transactions in the exchange’s hot wallet system. OKEx said it has a contingency plan for private key holders that will trigger a backup key in the event of death or memory loss, but acknowledged that the plan does not cover all the basics:
– Unfortunately, we were unable to include other specific scenarios such as inaccessibility for private key holders due to unforeseen circumstances in the contingency plan. In this particular incident, the final solution to short-term disability for the owner of the private key was not a technical solution. ”
The exchange confirms that it does not engage in illegal activities. Following the initial comment, reports began circulating that OKEx founder Mingxing Xu was under investigation by the Chinese authorities.
Just hours before OKEx suspends withdrawals on the platform, the Whale Alert cryptographic monitoring service reported a number of large transfers between OKEx and unknown wallet addresses, with 3,500 more transfers after the transfer of 1,180 bitcoins (BTC). At the time, the total transaction was approximately $ 53.2 million.