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The founders Star Xu and Okex suspend withdrawals due to “disconnected” private key holders

The digital currency exchange Okex banned the withdrawal of cryptocurrency on Friday morning and explained that the funds were “safe and unaffected”. After the announcement of the evacuation, regional reports claimed that Okex’s founder Xu Mingxing “Xing” had been taken away by the police.

On Friday (US Eastern Time), a local report in the publication Caixin detailed that Xu Mingxing, the founder of Okex, had been taken away by the police. A few hours before Caixin’s report, Okex’s official Twitter account announced the suspension of withdrawals from the exchange.

Trading platform “The withdrawal of Okex digital assets/cryptocurrency is currently suspended” write. “Other functions are up and running. Your funds and assets are safe and will not be affected. We apologize for the inconvenience. Further announcements will be made.”

(Left) The official withdrawal announcement on Twitter. (Image on the right) According to the statistics of Bituniverse, Okex’s foreign exchange reserve balance.

The withdrawal announcement also provides a link to a blog post that explains the operation in more detail. According to the post, the exchange currently has no private key holders and is cooperating with law enforcement agencies. The blog post did not mention the identity of the private key holder.

The trading platform emphasized: “One of our private key holders is currently cooperating with the Public Security Bureau to conduct necessary investigations.” “We are disconnected from the relevant private key holders. Therefore, the relevant authorization cannot be completed.”

The Caixin report is not very clear. It explains that two unidentified sources have released information about the incident to the media. After the withdrawal of the announcement and the following local reports on Xu, the cryptocurrency market was hit.The regional report also showed that Xu Xing Talk to Shanghai police And in the 2018 survey.

According to Bituniverse’s ranking of foreign exchange balances, Okex is currently the fifth largest digital currency exchange in terms of reserves held. Based on the current exchange rate, the platform currently holds 198,000 BTC or USD 2.2 billion.

What do you think of Okex’s problems? Let us know your thoughts in the comments below.

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Caixin, cryptocurrency exchange, Cryptocurrency, exchange balance level, founder, law enforcement, Xu Mingxing “star” Xu, Okex, Okex exchange, founder of Okex, suspension of withdrawal, police, private key holder, private key , Xu Xing, suspended, trading platform, withdrawal

Picture Credits: Shutterstock, Pixabay, Wiki Commons, Twitter, Bituniverse,

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