On October 16, OKEx suspended certain activities, including withdrawals of all cryptocurrencies, following loss of private keys. The announcement was then poorly received by the market with the price of bitcoin logically affected. While the asset’s value nearly fell below $ 11,000, the platform’s token, OKB, had lost 16% of its value in less than half an hour. Less than a week later, the exchange announced the reopening of its fiat-crypto buying capabilities and peer-to-peer point of sale. A resumption of activities that do not concern withdrawals which remain closed. More details below.
A measure taken in the interest of user safety
In addition to the extension of the withdrawal suspension, the exchange clarified in its announcement that the put option was also unavailable for all crypto currencies. OKEx has nevertheless indicated that other functions will be operational again on its P2P platform. ” P2P exchanges have resumed and we continue to list new tokens and assets “, Specifies the announcement. Contacted by colleagues from Cointelegraph, a representative for the exchange said the move was conforms to the structure’s protocol for such cases.
A measure that was therefore taken in the interest of the safety of users, it concerned in particularavoid cases of theft of accounts and theft of assets by hackers. Meanwhile, the exchange is on a mission to investigate the situation by communicating potential threats to users of its P2P service. The resumption of certain activities is also a sign that the platform would be safe and reliable as stated by Jay Hao, CEO of OKEx.
The uncertainty still reigns over the management of lost private keys
If the situation seems to be stabilizing since the announcement of the suspension of withdrawals on the exchange, misunderstanding still reigns over the cause of this measure. No other information has since been made public regarding the manager of the private keys involved. Status quo also on the side of the ongoing proceedings against the co-founder of OKEx, namely Mingxing “Star” Xu.
The platform’s silence on these two subjects is anything but reassuring even if it has increased the number of exits to assure the public that their funds were safe. The exchange therefore made it clear that trading and savings remained operational on its platform and that they were not affected by the unavailability of private keys.
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Although Bitcoin (BTC) came out of this period of doubt without too much difficulty, it would be better if the exchange placed the responsibilities in this matter. After all, it is in its interest to risk witnessing a massive migration of its users when withdrawal activities resume.