On the 16th of October, OKEx crypto exchange announced the sudden suspension of all withdrawals on its platform. Following the suspension, the crypto market fell in early trading. In a tweet, OKEx added that the temporary break in withdrawal does not affect its other services. The tweet also assured users of the security of their funds and assets.
Also, the crypto exchange apologized for inconveniences as there was no prior notice on the suspension.
In the announcement, the company said one of its private key holders was in cooperation with a public security bureau regarding required investigations. The company further revealed that it has not been in contact with the mentioned private key holder. Stating further, the announcement noted that this has led to an inability to complete the “associated authorization.”
Also in the announcement, OKEx added:
“Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the service and/or may also interrupt, suspend or terminate the service at any time with or without prior notice.”
As noted in a report by Finbold, the private key holder mentioned in the announcement appears to be the founder of OKEx, Xu Mingxing.
Caixin revealed that Xu was taken away by the police about a week ago. One of the sources that spoke with Caixin said that the founder’s absence would affect the exchange’s various services.
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