Finance

Cryptocurrency exchange OKEx suspends withdrawals while claiming funds and assets are safe

by Charlie Smith on October 16th, 2020 at 5:20 AM
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      An online Malta-based cryptocurrency and derivatives exchange has temporarily frozen all of its account holders' digital assets. OKEx claimed that people's funds are safe. In addition, the company insisted that all other functions operating.

      "We sincerely apologize for any inconvenence," the exchange stated over Twitter.

      On its website, OKEx disclosed that one of its private key holders is cooperating with public-security bureau investigations "where required". The Chinese media outlet Caixin has reported that exchange cofounder Mingzing Xu was arrested last week in China.

      OKEx was founded in 2017 and is headed by Jay Hao. Two hours after the company's announcement, Hao reiterated that all funds and assets are safe.

      According to Coindesk, the price of Bitcoin fell three percent early this morning in the wake of his news.

      The freezing of accounts at OKEx came less than two weeks after it had added a second dashboard to enable users to view Ether trading data. This was done in partnership with skew.

      "OKEx is the first exchange to launch a real-time analytics dashboard for Bitcoin and Ether derivatives on skew, highlighting its commitment to exchange transparency," the company said in an October 6 news release.

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