OKEx is at the center of litigation
If you actively use cryptocurrency as a means of calculation or accumulation. If you regularly exchange digital coins for classic assets, then you have probably heard about such a well-known exchange as OKEx. This is a fairly large platform, and therefore any failures in its work immediately attract public attention. Today is no exception. The exchange temporarily suspended the withdrawal of funds, as it became a defendant in the trial. Next, we will consider everything that is known about this event at the time of this writing. We will also explain what to do for ordinary users of the platform. So let’s get started.
More about the project
First, a theoretical reference for those who are not familiar with the project. OKEx users can skip this section. For everyone else, we would like to point out that OKEx is a rather “mature” project. The Malta cryptocurrency exchange has existed in the industry since the distant 2014. However, the project began to work fully only three years later, in 2017.Since then, the exchange has worked tirelessly, withdrawing money from buyers, acting as an intermediary for transfers and trading. OKEx, in addition to its own age, definitely boasts reliability and scale.
The cryptocurrency platform acts as an employer for over a thousand employees. Huge deals are made on the stock exchange every day. This is why the suddenly stopped withdrawal caused questions and real panic. Today, the function of withdrawing amounts from the personal balance of all users simply stopped working. At the time of this writing, the functionality does not work either.
However, the rest of the functions, such as internal foregrounds, work as expected. Company representatives explain the suspension of the withdrawal of funds by problems with the holder of the private key. If you believe the creators of the platform, it is simply impossible to contact a representative of the company, but it is reliably known that he is under investigation. Also at the moment the chief director of the project and several top managers have been detained. Serious analyzes of recent transactions are underway, because, according to the statements of law enforcement officers, there was suspicious activity on the exchange.
For example, over the past two days, about 10 thousand Bitcoins were transferred through the site. It is possible that the service was used for money laundering. This is the Chinese police (they were the ones who detained the project representatives) remains to be seen. In the meantime, let’s see how the arrests and suspension of funds will affect ordinary users.
What should OKEx account holders do?
There are no workarounds on how to withdraw money from OKEx. The exchange really completely stopped working in this vein. Money can be moved within the platform, but funds cannot leave the exchange while the investigation is ongoing. How long is this process? Economic crimes in China are being investigated fairly quickly. Therefore, if OKEx receives specific charges, the decision will be lightning fast. However, there is a high probability that ordinary users will not like the court ruling. The Twitter audience has already expressed the opinion that halting the output is not OKEx’s decision. A government order. That is, the Chinese law enforcement system is serious.
And you and I can only wait. There are no compromises or workarounds yet. But if something changes, we will definitely write about the current event in the cryptoindustry. Follow all the news from the world of cryptocurrencies and technologies with us. We publish only high-quality and interesting material. Thank you for attention. Good luck!