Crypto exchange OKEx suspends all withdrawals indefinitely.

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

In an official statement published on Friday morning, crypto exchange OKEx detailed that it has suspended all withdrawals since 11 am (Hong Kong time) on October 16. The notice read, “one of our private key holders is currently cooperating with a public security bureau in investigations where required.” It further added, “we have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.”

 

The exchange assured customers’ assets are safe. 

OKEx pointed out the service agreement that allows it to take such drastic measures and stressed that the decision was made in customers’ best interests. The crypto exchange assured that its other services remain uninterrupted and the customers’ assets are safe. The statement noted, “According 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.” Bitcoin prices on the exchange also dropped drastically by 3 percent after the withdrawal suspension. 

 

Crypto users are not happy with the OKEx’s decision. 

The abrupt withdrawal suspension has created an outcry in the crypto community. Interestingly, large amounts in Bitcoin, Ether, and Tron were taken out from OKEx-affiliated wallets before the suspension, Whale Alert, a blockchain tracker and analytics service revealed. The crypto exchange further noted that they would resume cryptocurrencies withdrawals immediately once the concerned private key holder is able to authorize the transaction. 

As reported earlier, the CEO of OKEx, Jay Hao, called out Binance and its CEO Changpeng Zhao for their recent support of certain DeFi projects. He also claimed that Binance Smart Chain, or BSC, is highly centralized, noting that only a single team controls it completely.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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