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Jay Hao, CEO of Malta-based cryptocurrency exchange OKEx, said his company has taken steps to ensure that the problem that caused a more than five-week freeze in cryptocurrency withdrawals does not recur.
In a ask me anything (AMA) session, the transcript of which was released Wednesday, Hao said the incident drove the exchange “to make several improvements to our internal processes.”
“I think the accident highlighted several very important points. It highlighted some weaknesses in our internal processes, which we are now determined to correct, “he said.
The CEO pointed out that user funds have never been at risk and that OKEx keeps backups of cryptographic private keys. However, he did not explain why they could not be used in this incident.
On October 16, OKEx was forced to suspend withdrawals due to one of the key holders being held by the authorities and “cooperating” with an investigation. The exchange managed to resume service on November 27, with OKEx claiming that the keyholder had been released and had not been involved in any wrongdoing or illegal activity.
In the AMA, Hao acknowledged that the problem was detrimental to society and that trade fell as a result. He also apologized to customers for the uncertainty, inconvenience and stress caused by the event.
