BTC price:

1 BTC = 15344.3700 USD
1 BTC = 12999.3900 EUR
1 BTC = 264.200000 LTC
1 BTC = 34.0500000 ETH
Powered by Crytptocurrency All-in-One Data by CryptoCompare API

OKEx Withdrawals Remain Closed Amidst Rumors of Founder’s Arrest

The OKEx crypto exchange had shut down its withdrawals back in October and the Malta-based platform is yet to provide any details about an ongoing investigation into its activities. Even though there have been rumors about detainment, OKEx has flat out denied them, but it is still now allowing its customers to make any withdrawals from the exchange. It has been three weeks since all of it began, but not many details have crawled out of the woodwork since then, which is even more worrisome for people. A public update was issued by OKEx recently regarding this entire scenario. 

Once again, the exchange has denied that it is under criminal detention and has reiterated that these are just rumors. But, the fact that withdrawals are still not being permitted on the platform is leading to confusion. As expected, OKEx is not providing any further details about the matter when asked. In their statement, the company said that the ‘concerned party’ is cooperatively actively with a ‘public security bureau’, as stipulated by the law, in an investigation that’s happening. OKEx said that they had sought legal support and guidance and had made contact with this ‘concerned party’ during this process.

The asset withdrawals from the OKEx exchange had been shut down on October 16th, 2020. The exchange comprises of a number of entities that have been given the responsibility of managing its private asset keys. On the day that the exchange enacted the suspension of its withdrawals, it said that one of their asset managers was working with the authorities for an investigation. Up until now, the exchange has not clarified who this ‘concerned party’ really is. It hasn’t been determined if they are a private key holder, as it was mentioned in the statement issued by the exchange on October 16th

It didn’t take long after the suspension of withdrawals for rumors to start flying around about OKEx. According to these reports, the founder of the exchange, Star Xu, was also part of the investigation. In fact, they disclosed that he had been under investigation several days before the exchange closed their withdrawals. In fact, there had been some huge transfers made from the exchange that had sent up the red flag in the first place. Regardless, the latest update provided by the exchange has failed to provide any specific details about the situation and this is reaffirmed to the public that it is working on legal compliance in some form of legal issue.

OKEx has claimed that all of its customers’ assets are currently secure and it has made it clear that no asset outflow has taken place once the suspension was put into effect. With any luck, the details about the whole scenario would soon come to light. The longer OKEx continues to brush the matter the carpet, the more adamant people are going to get. For now, the exchange doesn’t seem to be willing to disclose any information and this has given rise to a lot of uncertainty.

© Coin Dreams 2020, all rights reserved