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4 years ago

The OKEx Saga: All You Need To Know 24 Hours Later

Jordan Lyanchev Oct 17, 2020 15:23
Suspended withdrawals on a major exchange, founder reportedly taken away by the police, but all funds are safe - all in 24 hours. Here's what you need to know.
  • The drama around OKEx started on Friday when news broke that the popular exchange had suspended all withdrawals from the platform. 

 

  • Almost immediately, the cryptocurrency market reacted with price drops. Bitcoin lost about $350 in a few hours. 

 

  • Shortly after, reports emerged that OKEx co-founder Xu Mingxing was taken by police officers over a week ago and hadn’t returned to work yet. 

 

  • CryptoPotato reached out to OKEx for comments, and a company spokeswoman asserted that Mingxing is not affiliated with the exchange anymore. As such, they couldn’t comment on any alleged developments.

 

  • OKEx CEO Jay Hao reassured users that all funds on the exchange are safe. Furthermore, Hao noted that all other activities besides withdrawals were still operational. Those included trading, derivatives, staking, and deposits.

 

  • The cryptocurrency monitoring resource Whale Alert found a few transactions tracking hundreds of millions of dollars in BTC supposedly transferred from OKEx to Binance. 

 

  • However, OKEx published another update hours ago refuting the claims. It reads that the company’s wallet team “has confirmed that the origin wallet addresses in said transactions do not belong to OKEx.”

 

  • The chief economist of the blockchain analytics company Chainalysis reaffirmed OKEx’s statement. He called the Whale Alert claims “mislabeled” as they were not transfers from OKEx to Binance. 

 

  • In its latest statement, OKEx apologized for any inconvenience to its users and said that “we will resume digital asset withdrawals as soon as we’ve determined that all security requirements have been met.”
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Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

Tags: BitcoinOKEx

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