Cryptocurrency
Fate of $2.3 billion worth of Bitcoins in Limbo
Ongoing investigation by law enforcement officers has left $2.3 billion worth of Bitcoin in limbo.
Bitcoin holders are definitely watching the OKEx story with keen interest as crypto experts estimate that an ongoing investigation by law enforcement officers has left $2.3 billion worth of Bitcoin (BTC) in limbo, at a once leading cryptocurrency exchange, OKEx.
Digital asset withdrawals at the OKEx remain frozen, as reports reaching Nairametrics reveal OKEx’s founder, Xu Mingxing, was arrested by the police a couple of days ago. That has led to global investors being a bit jittery about the happenings of the ever-changing crypto market.
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However, OKEx assured its clients that their crypto assets remained safe and that the crypto exchange’s secondary functions remain stable for now.
Withdrawals of digital assets/cryptocurrencies @OKEx are currently suspended. Other functions are up and running. Funds and assets are safe and not affected.
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Withdrawals of digital assets/cryptocurrencies @OKEx are currently suspended. Other functions are up and running. Your funds and assets are safe and not affected. Details: https://t.co/vMehdsZs1b
We sincerely apologize for any inconvenience. Further announcements will be made. pic.twitter.com/t14l7z0EUL
— OKEx (@OKEx) October 16, 2020
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The popular crypto analytic firm, Glassnode, recently showed that OKEx holds hundreds of thousands of BTC worth over $2 billion dollars.
“According to our data, around 200,000 BTC (1.1% of the circulating Bitcoin supply) are currently held in OKEx wallets. That is around $2.3 billion worth of $BTC stored in the exchange’s vaults,” Glassnode tweeted.
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According to our data, around 200,000 BTC (1.1% of the circulating #bitcoin supply) are currently held in #OKEx wallets.
That is around $2.3 billion worth of $BTC stored in the exchange's vaults. https://t.co/xfOmlZyWbY pic.twitter.com/g2roJgFxNP
— glassnode (@glassnode) October 16, 2020
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OKEx issued a press release on the ongoing investigation with law enforcement officers,
“One of our private key holders is currently cooperating with a public security bureau in investigations where required. We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.
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“Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or may also interrupt, suspend, or terminate the service at any time with or without prior notice. In order to act in the best interests of customers and deliver exceptional longtime customer service, we have decided to suspend digital assets/cryptocurrencies withdrawals as of [October 16, 2020, at 11:00 (Hong Kong Time)].”
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