World news – GB – OKEx to resume withdrawals next week with 100% reserves promises

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OKEx is set to lift the withdrawal freeze that was first introduced in October. 16, claiming that the exchange cooperated with the authorities and no error was discovered.

According to today’s announcement, full customer withdrawals will resume in or before November. 27. OKEx will conduct security checks to resume hot wallet operations and ensure that user funds are safe.

OKEx claims that user funds are covered by 100% reserves and therefore “can be withdrawn without any restrictions after withdrawals are reopened.

Resumed withdrawals will coincide with the user loyalty reward program as a means of exchange to apologize for the extended freeze of users’ funds. Details regarding the program will be released within the next few days.

Today’s announcement explains why the exchange initially decided to freeze withdrawals, indicating that one of the private key holders “has completed assistance to the authorities in an investigation previously indicated..

As a result of their participation in the investigation, it was reported that the individual was not able to authorize transactions within the stock exchange hot wallet system. OKEx stated that it has a contingency plan for private key holders that would trigger a backup key in the event of death or memory loss, but acknowledged that this plan does not cover all of the bases:

The exchange confirms that it has not engaged in any illegal activities. After the initial comment, reports began to circulate that OKEx founder Mingxing Xu was under investigation by Chinese authorities.

Just hours before OKEx suspends withdrawals on its platform, crypto transaction monitoring service Whale Alert reported a number of large transfers between OKEx and unknown wallet addresses: one transfer of 1,180 Bitcoin (BTC) was followed by another transfer of 3500. At the time, the value of the combined transactions was about $ 53. 2 million.

OKEx, Cryptocurrency exchange, Bitcoin, Résumé

World News – GB – OKEx will resume withdrawals next week with promises of 100% reserves
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Ref: https://cointelegraph.com

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