Please check this article for further updates. OKEx, one of the top crypto spot and derivatives exchanges, has suspended all withdrawals indefinitely, citing it lost touch with one of its private key holders.. OKEx mentioned that with this measure, the service can be stopped or stopped at any time without prior notice based on “Service Articles of Incorporation 8.1”. According to OKEx’s official announcement, Please check this article for future updates. OKEx announced on Nov. 6 that withdrawals are still suspended. We are working hard to resume withdrawals as soon as possible. Other product updatesFor C2C Loan users: OKEx decided to move up the suspension date of BCH as collateral from 3:00 am UTC on Nov. 8 to 9:00 am UTC on Oct. 29. A WebSocket System Upgrade is scheduled for tomorrow, Oct. 27 at 8:30 am UTC (affects API traders and other parties using the OKEx API). Our cold wallet technical solution has previously been published on our site (https://www.OKEx.com/wallet-security). OKEx – one of the largest cryptocurrency exchanges in the world – has been trapped in some legal issues as of late.. The CEO of Okex tweeted that, since the suspension of withdrawal, on-chain analysis shows no out-flow of funds from the exchange, rather the inflow has been on continuous rounds. Claim up to $80 for new OKEx users registered after Aug 29, 2020. Where 20 million users across 200 countries and regions trade over $100 billion of cryptos every year. Please check the announcement for full details. Okex Not Involved in any illegal Activities. Referencing trading prices across major platforms, we can see that the current price of BCHN is significantly higher than that of BCH ABC. All user funds on the OKEx platform remain safe and unaffected. OKEx news OKEx withdrawal suspension OKEx scam Star Xu Arrest CCP. The security of user funds is our top priority and all user funds remain safe and unaffected. *Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or may also interrupt, suspend or terminate the service at any time with or without prior notice. Read the full report to learn more. The trading volume of OKEx crypto derivatives (futures, perpetual swaps and options) reached 64.63 billion USDT — a 60% weekly increase. Withdrawals on OKEx are still temporarily paused. We are working hard to resume full platform functionality. Following our previously announced guidelines, this means we have adopted BCHN as the new BCH. Additionally, despite the decline in token prices in the world of decentralized finance, the trading volume of DeFi tokens remained stable — down only 2% month-over-month. Users must complete at least KYC verification level 1 in order to withdraw tokens from OKEx. Read the full announcement for more details on how to receive lower fees for up to 30 days after withdrawals resume on OKEx, plus other benefits. The exchange reiterated that it has always complied with regulations. See the full announcement for more details. Please check back here for updates. Users' funds remain safely secured. OKEx Unified Account: How does portfolio margin benefit traders and liquidity in reality? The security of user funds is our top priority, and all user funds remain safe and unaffected. We can confirm that a party related to OKEx is, as stipulated by law, actively cooperating with a public security bureau in an investigation. We sincerely apologize for any inconvenience to our users that the suspension of withdrawals may have caused. Vivien ChoiEmail: [email protected]Telegram: @vivienchoi, Twitter: https://twitter.com/OKExFacebook: https://www.facebook.com/okexofficial/LinkedIn: https://www.linkedin.com/company/okex/Medium: https://medium.com/@OKExTelegram group (English): https://t.me/OKExOfficial_EnglishTelegram group (Russian): https://t.me/okexofficial_ru. Read more about the developments here. BCH ABC tokens will be airdropped to users' Funding Accounts at a 1:1 ratio. Prior to withdrawals reopening, our team will conduct strict security checks to resume normal operations of the hot wallet system and ensure the safety of our users’ funds. OKEx founder Star Xu is reportedly dealing with police in China. For all BCH traders on OKEx, we ask that you please do not make any BCH transfers during the fork period in order to avoid asset losses. We will keep users posted as soon as we have more information — please refer to OKEx's official Twitter for the latest updates. As the report states, there has been no outflow of any on-chain crypto assets from OKEx this week, as withdrawals remain suspended. Troubled China-based crypto exchange OKEx is set to resume its withdrawal services starting Friday after a successful withdrawal test by the exchange. This is allegedly after an unnamed private key holder was taken into custody by authorities. OKEx offers REST and WebSocket APIs. Update (Oct. 16, 10:36 UTC): This article has been updated with report naming a founder of OKEx who is likely the individual behind the withdrawal issue. For your safety, avoid off-escrow trading as it runs the risk of scams and/or disputes without any protection. https://www.okex.com/academy/wp-content/uploads/2020/10/1720261.png, Realigning SushiSwap’s AMM model to be a revenue-sharing and community-driven network, Lightning Labs team discusses Lightning Network in AMA with OKEx community. The team at the exchange will first conduct strict security checks before resuming normal operations. We are working around the clock to get back to business as usual. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. The OKEx P2P platform will resume trading on Oct. 21, 12:00 pm UTC for CNY, INR and VND fiat pairs, and the Buy Crypto fiat gateway will also be reactivated at the same time. Finally, thank you to all our users and our community for their support and trust in the platform. Let’s take a look at the events that led to the newest controversy involving another major exchange in the crypto industry.. On October 16, 2010, OKex temporarily suspended all its crypto withdrawals. The platform prides itself on being simple to use and easy to understand, and once registered on the platform, you can be depositing and withdrawing from … Click Here to Join OKEx Official Community >>>, Our cold wallet technical solution has previously been published on our site. OKEx Market Microstructure Report — October 2020The data for trading activity on OKEx in the month of October is in. As reported earlier, OKEx suddenly suspended withdrawals, citing that the exchange could not contact one of the holders of the keys needed to sign and authorize withdrawal transactions. We'd like to extend an enormous thank you to the OKEx community for your unwavering patience. OKEx will therefore reopen unrestricted withdrawals on or before Nov. 27, 2020 (UTC) . On Nov. 26, OKEx CEO Jay Hao joined a live Ask Me Anything session on the official OKEx Telegram channel and answered questions asked by some of its 27,000+ members. User funds are safe. The withdrawal transactions that pass the above checks of the Online Risk-Management System are sent to the Vault System. Please note, users who borrow USDT with BCH as collateral must repay their loans before 3:00 am UTC on Nov. 14, which is when a mandatory repayment will be triggered. We have sought legal support and guidance, and through this process, have made contact with the concerned party. OKEx has always used a backup mechanism for private key holders to ensure that each private key holder can trigger the activation of the backup private key in the event of long-term incapacitation, such as death or memory loss. The security of user funds is our top priority. As per the latest update from Okex, the daily withdrawal limit of the coins will soon depend on the KYC level of the users. Please continue to check this article or our official social channels for updates on the situation. All OKEx products are up and running except those that directly involve withdrawals — i.e., Sell Crypto fiat gateway and DeFi token yield farming on OKEx Earn, which were also temporarily suspended on Oct. 16. OKEx suspends withdrawal but funds are safe. As of 3:00 am UTC today, Oct. 16, OKEx has suspended digital asset withdrawals temporarily. The exchange had suspended withdrawals amid reports that founder Star Xu had been arrested. This system then automatically creates an unsigned transaction. All user funds remain safe and unaffected. This second system also examines the unsigned transaction to see if its frequency or amount is abnormal, according to the system's regularly updated database. We sincerely apologize for the inconvenience to users and are working hard to resume full platform functionality. The bitcoin exchange OKEx suspended cryptocurrency withdrawals on the platform Friday after its Chinese founder was taken away by police.. OKEx founder Xu Mingxing was taken at least a week ago and hasn’t appeared in a work-related social media group recently, according to a … Other product updatesToday, OKEx announced that it will support the planned hard fork of the Bitcoin Cash (BCH) network on Nov. 15. This process is not an ordinary TCP/IP communication protocol. For BCHUSD and BCHUSDT futures and perpetual swaps, today we released details on risk control adjustments that will take place around the BCH hard fork. In regard to claims on Twitter today that funds had been withdrawn from OKEx to a competitor exchange, OKEx's wallet team has confirmed that the origin wallet addresses in said transactions do not belong to OKEx. Below is a detailed depiction of the withdrawal process. Okex exchange had suspended the withdrawals on October 15, 2020, as one of the private key holders was under police custody. At this time, unfortunately, OKEx is unable to disclose further information, as the content of the investigation is confidential. Withdrawals from OKEx are still temporarily paused. OKEx users can now breathe a sigh of relief as the exchange has announced that it will resume unrestricted withdrawals of Bitcoin and other cryptocurrencies, on or before November 27th. As always, please practice proper risk management when trading, and only follow our official communication channels for the latest updates. Weekly reportToday, we published our weekly report on OKEx trading activity. We sincerely apologize for the inconvenience to users and are working hard to resume full platform functionality. At present, TRON has helped 16 OKEx users withdraw their TRX, and the TRON Foundation has transferred a total of 9419739.963519 TRX, worth 247268.174 USD … If an unsigned transaction fails any risk checks, the Semi-offline Multisig stage will delay/refuse to sign the transaction and will send a report to the Online Risk-Management System. At the same time, OKEx will continue to further the field of blockchain application development, increase investments in technology and products, and contribute to the healthy and sustainable development of the industry. Claims that the concerned party is under criminal detention have been refuted. Please continue to check this article or our official social channels for further updates. All other platform operations that don't involve withdrawals remain up and running. You can find more details on how to redeem your bonuses here. Please check this article for further updates. Yet the CEO of Okex exchange had assured the security of funds.. Trading digital assets involve significant risk and can result in the loss of your invested capital. We apologize for the disruption in normal functionality that this has caused and will promptly update our users with new information regarding the status of withdrawals. The chief economist at major blockchain analytics firm Chainalysis also confirmed in a tweet today that the transactions in question had been "mislabelled" and were not in fact from OKEx. The details of these reward campaigns will be announced in the next few days. On the other hand, the semi-offline servers cannot be compromised even if they are physically attacked, as the private key uses 2-3 multisig technology and is stored in the server's RAM, making it impossible for hackers to access. We would also like to take this opportunity to restate the technical details of our hot wallet system below: FLOW Mainnet Upgrade: Depositing and Withdrawal Suspension, Monero (XMR) Wallet Upgrade: Depositing and Withdrawal Suspension, THETA Mainnet Upgrade: Depositing and Withdrawal Suspension, Monero (XMR) Wallet Upgrade: Depositing and Withdrawal Resumption, Cardano (ADA) Mainnet Upgrade: Depositing and Withdrawal Resumption, XEM Wallet Upgrade: Depositing and Withdrawal Resumption, ARK Mainnet Upgrade: Depositing and Withdrawal Resumption, Cardano (ADA) Mainnet Upgrade: Depositing and Withdrawal Suspension, DOT Mainnet Upgrade: Depositing and Withdrawal Resumption, DOT Mainnet Upgrade: Depositing and Withdrawal Suspension, OKEx reveals user compensation and loyalty rewards for after withdrawals reopen, OKEx announcement on the opening of withdrawals. Please note that cryptocurrency withdrawals are still temporarily suspended. They, however, do clarify that the “concerned party” is only “actively cooperating with a public security bureau in an investigation” and NOT arrested under criminal detention. Additionally, all other operations on OKEx that do not involve withdrawals are functioning normally. Currently Read the full announcement here. Please check this article for further updates. Updates from OKEx According to a further announcement on 6th November 2020, withdrawals are STILL suspended. But now, it is more than 4 days, the exchange is yet to give any official update on the withdrawals increasing the FUD among the traders. You can find more details of what to expect during and after the fork here. OKB's average market capitalization in October was $1.47 billion, and the total trading volume for the month reached 2.48 billion USDT. The Head of OKEx Has Been Taken Into Custody. Before reopening withdrawals, our team is conducting strict security checks in order to resume normal operations of the hot wallet system and ensure the safety of our users’ funds. Simultaneously, we will also be launching significant user loyalty reward campaigns to express our deep apologies and most sincere gratitude to our community. We appreciate and value your continued support and trust, and we will continue to deliver first-class products, services and technical support to our customers. . UPDATE: Nov. 19 at 12:00 pm UTC OKEx has announced that we will resume withdrawals on or before Nov. 27, 2020. WithdrawalsWithdrawals on OKEx are still temporarily paused. OKEx has many years of experience safely operating digital wallets, assets and transactions with no major security incidents. [LIVE UPDATES] OKEx confirms all user funds safe, non-withdrawal platform ops functioning as usual. However, we unfortunately failed to include other specific scenarios, such as private key holders becoming unreachable due to unforeseen circumstances in our contingency plan. WithdrawalsWithdrawals from OKEx are still temporarily paused. Presently, one of OKEx’s private key holders has completed assisting the authorities in a previously referenced investigation. We sincerely apologize for the inconvenience to users and are working hard to resume full platform functionality. Before reopening withdrawals, our team is conducting strict security checks in order to resume normal operations of the hot wallet system and ensure the safety of our users’ funds. All user funds remain safe and unaffected. Currently, our business operations are stable and running as usual. We are doing everything we can to ensure that the platform returns to full functionality. Some outlets have reported that the mysterious […] Please check this article for further updates. BCH fork updateWe announced today that the platform plans to resume trading of BCHUSD and BCHUSDT weekly and bi-weekly futures contracts at 9:00 am UTC on Nov. 18. WithdrawalsWithdrawals from OKEx are still temporarily paused. Then, the now-signed transaction will be passed to both the Treasury Service and the Blockchain Gateway Service to be broadcast to the appropriate blockchain network. Of course, we will resume digital asset withdrawals as soon as we've determined that all security requirements have been met. We would also like to take this opportunity to restate the technical details of our hot wallet system below: By deploying its Online and Semi-offline Risk-Management systems, Semi-offline Multisignature services, big data risk management systems and other protection mechanisms, OKEx's hot wallet system has been running stably and smoothly.