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OKEx Still Have Withdrawals Closed As It Denies Founder Arrest Rumours

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It was back in mid-October when OKEx had closed withdrawals, and the Malta-based exchange has yet to spill the beans regarding an on-going investigation yet to be specified.

While there is chatter of detainment, OKEx is adamant that this is simply rumors, all the while denying customers access to withdrawals from the exchange. It’s been three weeks, now, and no proper details about the matter have managed to crawl out of the woodworks.

Denying Everything And Staying Tight-Lipped

OKEx had issued out a public update today regarding the matters, and the update summarily denies that OKEx is under criminal detention, claiming that these are all just rumors.

As one would expect from this current situation, OKEx had opted to refrain from giving further details about the matter when asked for comment.

In the statement, OKEx explained that the “concerned party” is currently actively cooperating with a “public security bureau” in an investigation, as law stipulates. OKEx stated that it had sought legal guidance and support, making contact with this “concerned party” through this process.

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Many Unanswered Questions

It was on the 16th of October, 2020, when OKEx had closed down asset withdrawals. The exchange itself holds a number of entities responsible for the management of its private asset keys.

On the withdrawal suspension’s day of enactment, the exchange announced that one of these asset managers is currently cooperating with authorities within an investigation.

As it stands now, it’s not quite clear who this “concerned party” is, and whether or not it even is the private key holder mentioned in the statement of the 16th of October.

Reports started to crawl out of the woodwork shortly after the closure of withdrawal. These reports stated that Star Xu, the founder of OKEx, is part of an investigation, and has been for several days prior to the withdrawal expansion made by the exchange.

Promises Of User Funds Being Safe

The latest update from OKEx had failed to specify any form of detail regarding the situation, only reaffirming to the public that it’s focusing on legal compliance, in whatever legal matter that may be. The exchange at least claims that the assets of its customers are currently secure, making it clear that no form of asset outflow had occurred since the withdrawal suspension.

With any luck, the details about this legal case can be brought to light, in time. Human nature demands curiosity, and the longer OKEx refrains from revealing the matter at hand, the more people will desire it. As it stands now, all that can be left to do is wait, and at least hope that the investors of OKEx will get their funds soon enough.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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