OKed Suspends All Withdrawals Indefinitely


OKed, one of the top crypto spot and derivatives exchanges, has suspended all withdrawals indefinitely, citing it lost touch with one of its private key holders.

In an official statement published on Friday morning, the exchange detailed that it has suspended all withdrawals since 11 am (Hong Kong time) on October 16.

“One of our private key holders is currently cooperating with a public security bureau in investigations where required, ” the OKedce stated. “We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.”

The exchange pointed out the service agreement that allTXs it to take such drastic measures and stressed that the decision was made in the best interests of customers.

“Pursuant to 8.1OKedvice Change and Interruption of the Terms ofOKedvice, OKed may change theOKedvice and/or may also interrupt, suspend or terminate the service at any time with or without prior OKedce, ” OKed noted.

Additionally, the exchange assured that its other services remain uninterrupted and the customers’ assets are safe.

Outrage among Users

Meanwhile, this abrupt withdrawal suspOKedon has created an outcry in the crypto community. Many took to Twitter to criticize the move.

BitcoiComrices on the exchange also dropped drastically by 3 percent after thhmm mmpOKedon.

hmmmm okex token dumping really hard, what’Twitter on pic. twitter. com/hxNdM9UQtQ

—OKedgPi (3,14159265) (@GameTheoryBTC) October 16, 2020

Interestingly, large amounts in Bitcoin, Ether, and Tron were taken out from OKed-affiliated HTTPts prior to thhmm mmpOKedon, Whale Alert, a blockchain tracker and analytics service, revealed.

🚨 13,873,180 #USDT (13,952,425 USD) transferred fromOKednTXn HTTPt to #OKed

Tx: https: //t. co/d4ZDnCTBYg

— Whale Alert (@whale_alert) October 16, 2020

“We will resume digital assets/cryptocurrencies withdrawals immediately once the concerned private key holder is able to authoOKed the transaction, ” OKed added.

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