The main cryptocurrency exchange OKEx is finally taking back customer assets after waiting for weeks.
The exchange initially suspended withdrawals on October 16. a decision that later rocked the crypto markets.
Based on today’s announcement, full customer withdrawals will resume on or before November 27th. OKEx is conducting security reviews to continue active wallet operations and ensure user funds are safe.
OKEx states that user funds are 100% funded from reserves and therefore “can be withdrawn without restrictions after withdrawals are re-approved”.
Resumed withdrawals coincide with a user retention rewards program so that the exchange can apologize for the persistent freeze on user funds.. Details about the program will be published in the coming days.
Today’s announcement explains why the exchange originally decided to freeze withdrawals and states that one of its private key holders “has completed assisting the authorities with a previously mentioned investigation.”
Due to your participation in the research, It has been reported that the person was unable to authorize transactions within the exchange’s active wallet system. OKEx stated that there is a contingency plan for private key holders that activates a backup key in case of death or memory loss, but admitted that this plan did not cover all the basics:
“Unfortunately, we couldn’t include any other specific scenarios such as B. that private key holders can no longer be included in our emergency plan due to unforeseen circumstances. In this particular case, the final solution to the short-term incapacity for work of the private key holder was therefore not technical. “
The exchange claims that it was not involved in any illegal activity. After the initial suspension, it was reported that the founder of OKExMingxing Xu has been investigated by the Chinese authorities.
Just hours before OKEx stopped withdrawals on its platform, crypto transaction monitoring service Whale Alert reported a series of large transfers between OKEx and unknown wallet addresses: a transfer of 1,180 Bitcoin (BTC) was followed by another of 3,500. At this point in time, the combined transactions were valued at approximately $ 53.2 million.