Okex withdrawal suspended - What's brewing?
Okex, one of the biggest cryptocurrency exchanges, has suspended withdrawals of cryptocurrency today in a mysterious move. As per the recent report, Mingxing Xu, a co-founder of Okex, is in Chinese police custody since last week. His whereabouts are not clear. Okex’s head office is in Malta now but they were based at Hongkong previously. As per this report of Financial Times, Okex has lost contact with an important employee who is taking part in a Chinese government investigation. The employee also holds the exchange’s private keys. It is unknown how the exchange's wallets get operated. The common practice is to use multi-signature wallets for such exchanges.
https://twitter.com/OKEx/status/1316967394909294593?s=19
Check the timestamp of the tweet
OKEx has said in a statement that Mingxing has not been involved with OKEx for a long time and he works with separate entities such as OK Group and OK Coin. Mingxing’s name was highlighted in a 2018 fraud investigation also.
https://twitter.com/whale_alert/status/1317110095290007557?s=19
Although Okex is officially headquartered outside China, they employ a big number of employees in China & Hongkong. The cryptocurrency industry is heavily unregulated but local laws often affect the business in a severe manner. So many sophisticated frauds are getting exposed every day. We’ve also observed very recent hacks of Kucoin and Eterbase. It is obvious that investors are worried about the matter. Before I finish, let me highlight an abnormal incident. 5000 BTC was transferred from Okex to Binance at Friday, 16th Oct 14:27:00 UTC. Yes, that is approximately $95 million funds. This happens almost after 11 hrs of the declaration by Okex that withdrawal has been suspended. So, this fund transfer happens after suspension of withdrawal. What’s brewing there? If the withdrawal is stopped, who is dumping funds on Binance?
Click here to see the transaction details
Cheers!
[paragism]
I guess you didnt read your email or any of the news.
Have you read my article? What is the dispute?
The last half of the article didnt load the first time I read this, it seems to be an issue since HF24, its confusing yes but there is 100s of articles covering this and even main stream media has inboxed me about this.
The dispute is the information we both already know, illusive legal actions with a private party holding keys.
I've mentioned a key observation that funds are being moved from Okex to Binance whereas withdrawal is stopped. I guess you don't know this and no media has covered this yet. :)
Thanks for updating this is good to know.
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