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Quick grip:
- OKEx users will have unlimited Bitcoin and Crypto withdrawals by November 27th
- The exchange will also launch loyalty reward campaigns to thank the OKEx community for their patience
- OKEx founder Star Xu was reportedly released by Chinese authorities
- OKB’s value has risen about 30% since rumors about the release of Mr. Xu started circulating, erasing all losses from the last month
OKEx users can now breathe a sigh of relief as the exchange announced it will resume unrestricted withdrawals of Bitcoin and other cryptocurrencies by November 27. The exchange team will first carry out strict security checks before resuming normal operations.
Additionally, OKEx will launch loyalty rewards campaigns to express their heartfelt apologies and gratitude to the OKEx community for their patience with the process of resuming normal trading operations.
A private key holder was unable to authorize transactions
As for the explanation of why withdrawals were suspended, the OKEx team reiterated that a core member of the team was unable to authorize transactions. They also explained that they had prepared for all scenarios where private key holders were not available except the one that emerged.
The reason for the withdrawal of withdrawals in this specific incident was because a private key holder was unable to authorize transactions. OKEx has always used a backup mechanism for private key holders to ensure that any private key holder can enable backup private key activation in the event of long-term failure, such as death or memory loss.
However, we sadly failed to include other specific scenarios, such as private key holders becoming unreachable due to unforeseen circumstances in our contingency plan. In this specific incident, therefore, the definitive solution to the short-term inability of the private key holder was not technical in nature.
Star Xu was reportedly released by the Chinese authorities
OKEx founder Star Xu was the individual many believe was unavailable after he was reportedly taken into custody by Chinese authorities in mid-October. According to Wu Blockchain (tweet below), Mr. Xu was released less than 24 hours ago.
Breakup: OKEx, one of China’s largest exchanges, said the founder has solved the problem and is back to work and will open the coin withdrawal before November 27. Wu exclusively revealed that the founder of OKEx had restored his freedom 19 hours ago. pic.twitter.com/Xx7VOpF2AW
– Wu Blockchain （Chinese Crypto Reporter） (@WuBlockchain) November 19, 2020
The OKB token has increased by 30% since rumors about the release of Star Xu began to circulate
The OKEx exchange’s native token, OKB, has undergone a huge rebound since rumors started circulating that Mr. Xu had been released. A quick look at the OKB / USDT chart reveals that 48 hours ago, the token was consolidating around $ 4.60 before undergoing a parabolic run at $ 5.956. This means that OKB has gained around 30% over the aforementioned time frame.
As a result, the OKB Token has written off almost all losses in the past month as OKEx users reflected on the worst-case scenario where their funds were permanently stuck on the exchange.
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