The OKEx cryptocurrency exchange announced the return of the” missing ” private key holder. The exchange will resume the withdrawal of users ‘ crypto assets by November 27.
Since October 16, OKEx users have not been able to withdraw their crypto assets due to the fact that one of the private key holders was unavailable due to an investigation conducted by law enforcement agencies. According to the exchange’s announcement today, this person has completed assisting the Chinese authorities, and the investigation has confirmed that OKEx is not involved in wrongdoing or illegal activities. Now the private key holder has returned to his work duties.
According to the management of OKEx, the exchange will open an unlimited withdrawal of cryptocurrencies until November 27, 2020. To do this, OKEx specialists will conduct an enhanced security check to resume the normal operation of the hot wallet and ensure the safety of users ‘ funds. Given that OKEx adheres to maintaining a 100% reserve, all assets of the exchange’s clients will be withdrawn without restrictions. In addition, a loyalty program will be launched on the trading platform to compensate for the expectation of users and express gratitude to the community.
The reason for suspending the withdrawal was that the private key holder could not authorize the transactions. The exchange has always used a backup mechanism for private key holders, so that each of them can activate a backup private key in the event of memory loss, disability, or death of another key holder. Other scenarios were not taken into account, for example, when the owners of private keys become unavailable due to unforeseen circumstances.
OKEx said that it will not allow such situations in the future and will do everything necessary to improve internal workflows. In addition, the appeal to users states that the exchange is always open to cooperation with law enforcement and financial authorities. The management is convinced that the regulation of blockchain and digital assets will allow the cryptocurrency industry to develop within the established legal system.
Shortly after the suspension of the withdrawal of cryptocurrencies from the exchange, the computing power of the OKEx mining pool for bitcoin mining decreased from 9,000 to 20 PH/s.