OKEx has released an official statement, stating that the exchange will resume withdrawals before Nov. 27, 2020 (HKT).

OKEx Reopens for Business

“The problem has been resolved and the relevant personnel have returned to work,” the company said. 

The person in question is said to be Xu Mingxing, the founder of OKEx, who was reportedly taken away in police custody. Withdrawals could not be authorized as he held the exchange’s private key.

OKEx had suspended withdrawals back on Oct.16. This drove down Bitcoin and Tether’s prices on the exchange by ~30% compared to the rest of the market.

OKB, the native token of the exchange, also saw a significant price boost as the token increased by roughly 12% in a span of 24 hours. It is currently trading at $5.69. 

The token had dropped in price when OKEx first suspended trading, crashing from nearly $6 to almost $4 in a span of just three weeks.

Source: CoinGecko

OKEx has insisted that it has 100% reserve since its establishment and that there will be no bank runs. They plan to conduct a large-scale feedback event to express their apologies and garner feedback from old and new customers. 

The team has stated that the specifics will be announced in a few days.


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