Finally, the long wait is over. After suspending all withdrawals in its platform on Oct. 16, OKEx has finally released an update regarding the re-opening of their withdrawals. On a recent update on their website, it has finally announced that withdrawals will resume on Nov. 27, 2020.
“ OKEx will therefore reopen unrestricted withdrawals on or before Nov. 27, 2020. Prior to withdrawals reopening, our team will conduct strict security checks to resume normal operations of the hot wallet system and ensure the safety of our users’ funds. Because OKEx has insisted on maintaining 100% reserves since its establishment, 100% of user funds can be withdrawn without any restrictions after withdrawals are reopened.
As further stated in their update, one of OKEx private key holders has already completed assisting the authorities in a previously referenced investigation. The exchange was also cleared from any involvement in any illegal activities as confirmed in the investigation. The private key holder has now returned to his normal business functions.
It can be recalled that OKEx halted all its withdrawals after Xu Mingxing, one of its private key holders was taken into custody by the police. Despite updates from their website and official Twitter account, their customers have gone wary about the safety of their funds. On their update, OKEx has admitted that they have failed to include the scenario that has taken place, hence no contingency plan was available to implement.
“However, we, unfortunately, failed to include other specific scenarios, such as private key holders becoming unreachable due to unforeseen circumstances in our contingency plan. In this specific incident, therefore, the ultimate resolution for the private key holder’s short-term incapacitation was not a technical one.”
They have also apologized to their customers for the inconvenience that the recent event has caused.
“We apologize for any and all inconveniences, and we will strive to improve internal processes as soon as possible to prevent similar situations from happening in the future.”
And finally, they have thanked all their customers for their continued support and trust.
“Finally, thank you to all our users and our community for their support and trust in the platform. OKEx promises to continue building more high-quality products and a better user experience.”
And to express their gratitude to their loyal customers, OKEx will be launching significant user loyalty reward campaigns.
“Simultaneously, we will also be launching significant user loyalty reward campaigns to express our deep apologies and most sincere gratitude to our community. The details of these reward campaigns will be announced in the next few days.”
Now that’s a good way to end a story, right? All’s well that ends well. With the recent update, OKEx therefore will not be a replica of the Cryptopia story. OKEx customers can now stop worrying about their funds. The question now is, after re-opening its withdrawals, will OKEx customers stay on the platform? Or will they move to Binance or other rival exchanges? That is something we should all watch out for.