IDAX Global suspends deposits and withdrawal services after the CEO goes missing.

The CEO of the Chinese crypto exchange IDAX Global has gone missing. The exchange informed that it would be restricting users from accessing cold wallet storage. The CEO of the exchange has been missing since 24th November.

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IDAX Global, in an official announcement, informed that their CEO has been missing from the last five days and asked the users to refrain from using the platform for a while. Since the CEO has gone missing, IDAX Global have been unable to access the cold wallet that holds almost all the cryptocurrency.

 

IDAX Global halts deposits/withdrawal services.

The official announcement reads that access to Cold wallet, which stores almost all cryptocurrency balances on the exchange, has been restricted, so in effect, deposits and withdrawal services can not be provided.

However, the exchange informed that they are doing there best to resolve the situation by trying to grasp a variety of news.

 

Rumors of an exit scam surface on social media.

Earlier, users on Weibo, a twitter-like service in China, suggested that IDAX might pull off an exit scam after its CEO disappeared with cold wallet keys. It is also rumored that the CEO has been arrested by the authorities in Shanghai. However, nothing is confirmed yet. According to the official statement from the exchange, they are trying their best to find the whereabouts of the CEO.

The exchange withdrew from the US and Canada market, citing regulatory reasons, and a few days ago, it also announced to withdraw from the Chinese market after PBoC announced to clamp down on crypto businesses.

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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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