OKEx Suspends Withdrawals, Assures Safety of User’s Funds 

OKEx, leading cryptocurrency exchange has suspended the withdrawal of cryptocurrency from its platform. The reason for the suspension according to the statement put out by OKEx was that it’s out of touch with one of its private key holders and that this private key holder is currently cooperating with a public security bureau in investigations and therefore couldn’t authorize transaction.

Withdrawals of digital assets/cryptocurrencies @OKEx are currently suspended. Other functions are up and running. Your funds and assets are safe and not affected. Details: https://t.co/vMehdsZs1b

We sincerely apologize for any inconvenience. Further announcements will be made. pic.twitter.com/t14l7z0EUL

— OKEx (@OKEx) October 16, 2020

Owing to inability to secure communications with this private key holder, OKEx has in pursuant to 8.1 of its Service Change and Interruption of the Terms of Service suspended the withdrawal of cryptocurrency from its platform without prior notice. 

According to OKEx, “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)].”

OKEx Assures of Safety of User’s Fund 

With the suspension of withdrawals, OKEx assures users of the security of their funds saying “We assure that OKEx’s other functions remain normal and stable and the security of your assets at OKEx will not affected.” and apologises for inconveniences as a result of the suspension. 

OKEx further revealed it will resume withdrawals of cryptocurrency immediately it is able to establish communications with the concerned private key holder and is able to authorize transaction.