OKEx Suspends All Withdrawals Indefinitely

OKEx, one of the top crypto spot and derivatives exchanges, has suspended all withdrawals indefinitely, citing it lost touch with one of its private key holders.

In an official statement published on Friday morning, the exchange detailed that it has suspended all withdrawals since 11 am (Hong Kong time) on October 16.

“One of our private key holders is currently cooperating with a public security bureau in investigations where required,” the notice stated. “We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.”

The exchange pointed out the service agreement that allows it to take such drastic measures and stressed that the decision was made in the best interests of customers.

“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,” OKEx noted.

Additionally, the exchange assured that its other services remain uninterrupted and the customers’ assets are safe.

Outrage among Users

Meanwhile, this abrupt withdrawal suspension has created an outcry in the crypto community. Many took to Twitter to criticize the move.

Bitcoin prices on the exchange also dropped drastically by 3 percent after the suspension.

hmmmm okex token dumping really hard, what's going on pic.twitter.com/hxNdM9UQtQ

— SergPi (3,14159265) (@GameTheoryBTC) October 16, 2020

Interestingly, large amounts in Bitcoin, Ether, and Tron were taken out from OKEx-affiliated wallets prior to the suspension, Whale Alert, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term tracker and analytics service, revealed.

? 13,873,180 #USDT (13,952,425 USD) transferred from unknown wallet to #OKEx

Tx: https://t.co/d4ZDnCTBYg — Whale Alert (@whale_alert) October 16, 2020

“We will resume digital assets/Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term withdrawals immediately once the concerned private key holder is able to authorize the transaction,” OKEx added.