Mon, June 24

OKEx Suspends Withdrawals Amid Security Investigation

OKEx Suspends Withdrawals Amid Security Investigation Exchange News

OKEx, a leading Asian cryptocurrency exchange has caused selling panic in the crypto market. However, suddenly after suspending its service to cooperate with an investigation.

Chinese news agency Caixin reported that one of the founders of OKEx, Mingxing Xu (also called Star Xu), has been questioned by the police. Moreover, the executive was investigated “at least a week ago” and also was absent from work sometimes.

OKEx Twitter announcement
OKEx Twitter announcement

Many top cryptocurrencies are sold out. On the news with the price of bitcoin on OKEx decreasing 3% in 30 minutes. Furthermore, touching $11,182 Friday morning, prior starting to rebound to $11,326 at last check.

In an accompanying notice on its website, the exchange displayed that one of its private key holders was “currently cooperating with a public security bureau in investigations where required.” The concerned private key holder had been out of contact with the exchange.

According to Red Li, the founder of China’s digital currency news release 8btc, OKEx had first announced it would terminate withdrawals by 15 PM but later changed it to 11 AM.

Red Li announcement
Red Li announcement

In March 2020, OKEx suffered a system failure. It caused its perpetual swap order book to lag for a short duration. The exchange assured to reasonably compensate any users who had failed transactions due to the failure.

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.