Okex Suspends Withdrawal From Exchange; Bitcoin drops 2.5%

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Crypto exchange OKEx suspends trading, causing Bitcoin price to drop 2.5%.

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OKEx is a  Malta-based exchange and is considered as one of the three largest leading cryptocurrency exchange, it services includes providing advanced financial services to traders globally by using blockchain technology.

OKEx provides hundreds of token & futures trading pairs to help traders to optimize their strategy.They  are also one of the top digital asset exchanges by trading volume, serving millions of users in over 100 countries. Our BTC futures trade has nearly $1.5B of volume daily, and is widely  recognized.

The exchange shared that a “keyholder” has been detained for questioning. The company, though registered  in Malta, serves many Chinese retail investors. Huobi, Binance  and OKEx are the three biggest Chinese exchanges.

“One of our private key holders is currently cooperating with a public security bureau in investigations where required,” the company said in its statement. “In order to act in the best interests of customers and deliver exceptional longtime customer service, we have decided to suspend digital assets/cryptocurrencies withdrawals as of [October 16, 2020 at 11:00 (Hong Kong Time)].  We assure that OKEx’s other functions remain normal and stable and the security of your assets at OKEx will not affected.” 

The news caused panic on WeChat, Weibo and throughout social media, where rumors spread about irregularities at the exchange.

The exchange handles $6,827,053,479 in volume according to FTX.The exchange’s OTC desk also appeared to be shut down.

Read Also: OKEx at the Fore-Front of DeFi Adoption With the Trading of DeFi Tokens Among Institutional Investors.

“Please be assured that the company, operation, and business are not impacted. It’s a matter of a private key holder’s personal issue, which is why we suspended withdrawal,” the company’s CEO, Jay Hao, said on Twitter.

The exchange is the second biggest source of derivative trading after Bitmex.

The price of Bitcoin initially dropped more than 2.5% on the news before starting to recover. Worse, OKEx’s token, OKB plummeted 15%.

Data Scientist, Tech Enthusiast and a Crypto Lover

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