According to the announcement of okex, in accordance with Clause 8.1 change and interruption of service, okex may change the service content and / or interrupt, suspend or terminate the service at any time or without prior notice. In order to ensure the interests of customers to the maximum extent and serve customers for the longest time, from 11:00 on October 16, 2020 (Hong Kong time), okex decided to suspend users withdrawal of coins, so as to ensure that other functions of okex are normal and asset security is not affected.
Okex also pointed out that when the person in charge of the private key can complete the authorization, okex will resume the function of withdrawing money as soon as possible.
Source: okex official website
Affected by the news, OK coin prices plummeted by more than 11% in a short time, and mainstream digital currencies were also affected, bitcoin once fell below $11200.
Due to the sharp drop of digital currency, okex suspended users to withdraw money, some platform users and investors suffered losses, and even burst positions. Some netizens pointed out that this kind of operation is no different from pig killing plate. I divided 10% of the position to OK trading, just registered orders, and was about to set a stop loss, and then the position burst. The whole process was less than 2 minutes. in 10 minutes, I lost tens of thousands of yuan, and I went back to the pre liberation..
Source: screenshot of microblog
Subsequently, CEO jayhao, the CEO of okex digital asset trading platform, issued a personal microblog saying that the company, business and platform operation would not be affected, and it was a personal problem of private key management.
Source: screenshot of microblog
It is understood that the public-private key pair establishes the ownership of the account system and assets (token, etc.) of the blockchain. The assets of the blockchain are locked on the public key, and the private key is used to unlock the asset and then use it. Industry insiders pointed out that since the ownership of the private key means the ownership of the assets, the person in charge of the private key is actually the custodian and actual controller of the assets in the exchange.
What is the impact of the suspension on the special currency market? Some insiders said: in fact, the disk has given the answer. Although okexs suspension of withdrawing money has also brought some panic, the market callback is very limited. The exchanges currency is still there. It should be a matter of time before we let go of withdrawal. Just wait patiently. Dont sell money because of panic.
The founder has been involved in controversial events for many times
Okex said that the nature of the Chinese police investigation could not be disclosed. The investigation was not related to money laundering or the exchange itself, and all services would be resumed as soon as possible.
According to public information, the founder of okex, Xu Mingxing, became the first Star in the currency circle with the rise of bitcoin and the increase of exchange traffic. Xu Xingxing graduated from physics major of Renmin University of China. He was responsible for search engine technology in Yahoo China and participated in the establishment of douding.com.
In addition, okexs suspension of currency withdrawal announcement also affected the auco cloud chain, which is an affiliated company of the okex exchange. On the afternoon of October 16, the stock price of auco cloud chain once plummeted by 16%. As of the end of the day, the market value of auco cloud chain fell below HK $1 billion to HK $946 million.
Source: tonghuashun on January 25, 2019, OK group, where the okex trading platform is located, announced officially that the group had completed the acquisition of the controlling right of Qianjin holding group, a Hong Kong listed company. On the evening of February 27, 2020, the Hong Kong listed company was renamed as auco cloud chain Holdings Co., Ltd., with effect from 9:00 am on March 3, 2020. According to the information disclosed by the Hong Kong stock exchange, on January 17, 2019, the founder of OK group, Xu Mingxing, injected capital into Hong Kong Qianjin holding group through over-the-counter transactions. The number of shares purchased reached 3182790001 shares, with an average price of HK $0.1520 per share, involving about HK $484 million, accounting for 60.49% of the issued voting shares. Source: Yang Qian, editor in charge of China Securities Journal_ NF4425
On January 25, 2019, OK group, where the okex trading platform is located, issued an announcement saying that it officially announced that the group had completed the acquisition of the controlling right of Qianjin holding group, a Hong Kong listed company. On the evening of February 27, 2020, the Hong Kong listed company was renamed as auco cloud chain Holdings Co., Ltd., with effect from 9:00 am on March 3, 2020.