OKEx Announces Temporarily Suspension Withdrawal of Coins

OKEx, a large cryptocurrency exchange, suddenly suspended the service for users to propose cryptocurrencies at 11 o’clock this morning, and issued an announcement one hour later that some persons in charge of the private keys of e-wallets were being investigated by the Chinese public security and Lost contact. Therefore, the authorization process to open the wallet has not been completed, but it is guaranteed that other services can still operate normally. Xu Mingxing, the founder of City Legend, was taken away by the police for investigation a week ago, and he did not show up within a few days.

OKEx founder Xu Mingzhuan was recently taken away by the police for investigation (online picture)

The market has been speculating on who the person in charge of the private key is. The Chinese media “Caixin.com” reported exclusively this afternoon, quoting two OKEx insiders saying that the person in charge is the founder Xu Mingxing, and he has been caught by the police. After the investigation, it has not appeared in the chat room of the workgroup. The insider said that the announcement has been quite obvious, “Does old Xu have no private key in his hands?” At the same time, Xu Mingxing manages the company’s financial expenditures more carefully. Without his authorization, it will affect everything. Fees and proposed cryptocurrency, etc.

When the news came out, the token OKB issued by OKEx fell in response. According to CoinMarketCap data, its price fell from US$5.71 to US$4.98, a decrease of 12.8%. The chief executive of the exchange, Jay Hao, said on his personal Weibo that he urged users to rest assured that because this incident is due to the personal reasons of the person in charge of the private key, the company, business and trading platform operations will not be affected. Any arrangements will be announced as soon as possible after that, and everything is subject to the announcement.

According to OKEx’s announcement, the decision to suspend the proposed cryptocurrency is subject to Article 8.1 “Service Changes and Discontinuance” in the “Terms of Service”. The exchange may suspend the service at any time or without prior notice. In order to protect the interests of customers and provide long-term service to customers, we have made this decision and ensure that the safety of customer assets is not affected. When the person in charge of the private key can complete the authorization, OKEx will resume the withdrawal function as soon as possible.