The whole process is less than 2 minutes! Okex suspends withdrawal

 The whole process is less than 2 minutes! Okex suspends withdrawal

Source: alcoin

Cash withdrawal crisis in first tier exchange

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.

Source: okex official website

Withdrawal refers to that investors sell digital currency and exchange it into legal currencies such as RMB and US dollar. In fact, the wallet of okex exchange stores a large number of investors digital currency assets, such as bitcoin, Ethereum, OK currency, etc. On October 16th, German data company said that the number of bitcoin in the wallet of okex exchange alone reached 200000, worth about 15 billion yuan.

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

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

Since Xu Xingxing founded the okex platform of digital currency exchange, the dispute between him and investors has hardly been interrupted. As early as September 2018, Xu Xingxing was reported to have been taken into the police station to assist in the investigation of suspected digital currency fraud.

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: flush

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.