- OKEx hires an external legal counsel to continue with withdrawals that were once put to a stop.
- The withdrawals were prohibited on the 16th of October 2020.
- The update was announced today.
OKEx hires legal counsel to resume withdrawals
OKEx hires an external legal counsel to continue with withdrawals that were once put to a stop. The withdrawals were prohibited on the 16th of October 2020.
The update was announced today. A representative of the exchange company said it has contacted private key holders and is keeping them informed. Withdrawals were halted because one of their vital private holders had undergone a police investigation.
OKEx was not able to reveal details on their investigation as the situation is private. The exchange organization said that currently, the media are spreading rumors that anyone has been charged.
The company urged consumers to trust the people investigating the situation and that they are cooperating with the police department. Reassuring clients, the company said that user funds are being kept safe, and all business matters will return to normal.
The organization hopes to ensure that the withdrawal function is restored as quickly as possible to avoid inconveniencing anyone further. Some media reports have conspired that the person who was detained by the exchange company, was its founder, Star Xu.
A spokesperson for OKEx declined that the person in trouble was their founder. The withdrawal issues were a result of the investigation with the public security bureau.
OKEx justified the move to stop withdrawals because they wanted to prioritize users’ security. By the 16th of October, around 200,000 bitcoins worth two billion dollars were stuck.
OKEx CEO Jay Hao informed the block in October that the company would do everything they could to ensure the service would be up and running again.