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OKEx exchange halts withdrawal amid ‘out of reach’ private key holder

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TL;DR

  • OKEx exchange has suspended all withdrawals on the platform.
  • The decision was made as it could no longer get in touch with one of the private key holders.

OKEx exchange, one of the leading digital currency derivates and spot exchanges based in Malta, has been forced to suddenly halt withdrawals from the platform, following a recent investigation being conducted by the Chinese police on one of the staffers. The price of Bitcoin on the exchange shaded points soon after the CEO broke the news.

OKEx exchange says it’s out of touch with a private key holder

As reported on Friday, OKEx exchange informed in a report that it closed the withdrawal service on the platform as of 11 am today in Hong Kong time. The development wasn’t pre-informed to the exchange’s users. However, OKEx had the backing from its service agreements which reads that it “may change the Service and/or may also interrupt, suspend or terminate the service at any time with or without prior notice.”

OKEx exchange explained that they haven’t been in touch with one of their employees holding the private key to the account where the exchange’s crypto assets are stored. As explained, the unnamed private key holder was cooperating with the police in an investigation. Although the development may have disgruntled the users OKEx exchange did mention that the decision to shut down the withdrawal was in the best interest of the users.

The exchange further assured that users’ assets are secured and that other functions and crypto services will continue to run as supposed.

Bitcoin price dropped on OKEx

Reportedly, the announcement of the withdrawal service suspension spurred a three percent decline in the value of Bitcoin on the cryptocurrency exchange. As a crypto user tweeted earlier today, the OKEx token also noted a drop in value due to the development.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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