OKEx Withdrawals Suspended: Police Investigation and Money Laundering Fears
OKEx, a prominent cryptocurrency exchange, has halted withdrawals since October 15, 2020, leaving users unable to access their funds. The exchange initially stated that one of the private key holders was unreachable, but recent developments suggest a more complex situation involving a police investigation and potential links to money laundering.
OKEx uses a multi-sig system for cryptocurrency storage, requiring multiple keys for transactions. The exchange initially stated that one of these key holders was unavailable, preventing withdrawals. However, it is now believed that the missing key holder is Star Xu, the founder of OKCoin and OKEx, who has previously worked with investigators. The true reason for the withdrawal suspension remains unclear, with theories ranging from a police investigation into money laundering involving an underground bank linked to Xu, to the possibility that OKEx's statement is false or misleading.
The police may have frozen withdrawals for investigation, potentially related to money laundering. OKEx has reactivated P2P trading, suggesting that the police investigation is not directly related to money laundering by the exchange. Despite this, all withdrawals remain suspended while the investigation continues, affecting funds suspected of money laundering that are circulating within OKEx.
OKEx's withdrawal suspension, now in its second week, has left users and the cryptocurrency community seeking answers. The exchange's initial explanation has been called into question, and the true reason for the suspension remains unclear. As the investigation continues, OKEx users are advised to monitor the situation closely and consider their options carefully.
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