OKEx’s lips remain sealed on its sudden crypto withdrawal freeze
OKEx’s secrecy around locking customer withdrawals has led to misinformation and confusion around what’s happening with the exchange. For nearly a week, uncertainty as to why OKEx suddenly suspended its cryptocurrency withdrawals on Oct. 16 has lingered on. The ongoing suspension has been puzzling to many, but the exchange’s representatives maintain that the move was solely because one of the company’s private key holders has been cooperating with a Chinese public security bureau. With one of OKEx’s three keyholders now in question, the exchange’s multisignature authorization process....
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A sharp drop in OKEx’s trading volume and stablecoin reserves – tether in particular – may reveal an ongoing exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks.
Bitcoin’s price has been up dramatically since OKEx's crypto withdrawal service suspension, yet it's not behind the price rally.
Huobi, one of OKEx’s biggest competitors, ensured its users that its platform is “currently operating normally,” after OKEx announced that it has suspended all cryptocurrency withdrawals indefinitely.
DragonEx is introducing a new withdrawal method in an effort to save its business. Cryptocurrency exchange DragonEx is introducing a stopgap measure to reintroduce withdrawals after some problems last month. According to an official announcement on Nov. 8, DragonEx is introducing a temporary solution to allow crypto withdrawals. The exchange will require its users to acquire so-called “DragonEx Withdraw Quota” tokens. One DWQ will allow the withdrawal of assets worth 1 Tether (USDT). DragonEx executives said that customers can acquire DWQ through trading, mortgage loan, or a deposit. “When....
DragonEx is shutting down deposits and withdrawals of all cryptos. DragonEx crypto exchange suspended deposits and withdrawals of all digital currencies on its platform due to issues triggered by OKEx’s ongoing withdrawal freeze.In an official announcement on Oct. 21, DragonEx said that the OKEx freeze triggered a “crisis of trust” in centralized exchanges among its customers, which in turn fueled a run on funds and deteriorated the platform's service.DragonEx is now working on a restructuring plan in order to resume deposits and withdrawals on the platform. The company’s representatives....