THELOGICALINDIAN - Despite assurances from crypto barter OKEx users accept amorphous to abhorrence the worst
Live updates from OKEx on the bearings of awaiting withdrawals reads: “funds abide safe and unaffected” admitting about two weeks of abeyant trading. The buyer of the crypto barter Xu MingXing continues to be held by the Chinese police.
OKEx Exchange Owner Under Police Investigation
The Shanxi badge brought the buyer of the Chinese cryptocurrency exchange, Xu MingXing, on Oct. 16.
Since then, withdrawals accept been abeyant on OKEx.
Though Xu’s alarm is allegedly different to the exchange, the Chinese badge accept affected abeyance of withdrawals to investigate the matter. If Xu is not appear aural two weeks, he will be arrested, according to Chinese law.
If not freed tomorrow, he will be formally arrested.
This could betoken added delays in the resumption of withdrawals.
Long delays in withdrawals are never a acceptable sign. Several instances from the past, including the Bitfinex hack in 2016 and QuadrigaCX incidence, were all preceded by agnate delays.
Moreover, the accepted OKEx bearings has addition cogent affinity with QuadrigaCX. Like Quadriga’s CEO, Gerald Cotton, Xu MingXing is reportedly the sole buyer of the exchange’s clandestine key.
OKEx has, however, denied these claims.
The Bitcoin balance on the exchange abandoned is aloft 205,000 BTC, account $2.7 billion. The amount accounts for 1.1% of the absolute circulating accumulation of Bitcoin. OKEx is the better futures belvedere with an active aggregate of futures affairs account $1.02 billion.
The alone advantage for OKEx users is to advertise their crypto application the exchange’s P2P belvedere for CNY, INR, or VND.
As the adjournment continues, users are abrogation the barter en masse. Bitcoin and USDT are affairs at a abatement on OKEx at the agnate of $10,000 and $0.75, respectively.
The hashrate on the OKEx mining basin additionally alone decidedly about the aforementioned time as its abandonment suspension.
Even if the barter or buyer has annihilation austere to anguish about, the delays itself accomplish barter afraid as the belvedere continues to lose credibility.
