It has been 12 days since the Bitcoin exhibition OKEx had to stop processing recordings.
On the morning of October 16, the exchange suddenly froze (out of force majeure) the withdrawals from the platform. Actually, nothing has changed since then.
At the time, the stock exchange announced that one of the owners of the essential private key is currently „working with the police“ due to ongoing investigations. It would be a personal matter. But because of this, this person’s private key cannot be used to sign recordings of Bitcoin and other crypto currencies.
It all happened on a Friday morning, twelve days ago. Now, on October 28th, the situation is still unchanged.
However, the stock market did come up with WebSocket System Upgrade. In addition, the staff claimed that they are „doing their utmost to solve the issue with the recordings as soon as possible.
„Recordings from OKEx are still paused. The security of our users‘ money is our top priority. All this power is still safe and unaffected. We are doing everything we can to ensure that the platform is fully functional again“.
Partly because the Bitcoin of the users are fixed but can be traded, a premium has been created. The BTC-USDT trader on OKEx is a lot higher compared to the spot price on other exchanges.
Start peer-to-peer trading
A few days ago, the fair announced that all other services will continue. With one exception: paying out money. Thus, the platform resumed peer-to-peer trading on October 20. For this service, no crypt currency needs to be withdrawn from the central platform with the intervention of the stock exchange.
There was speculation that this peer-to-peer platform was the reason for the investigation. It is known that this type of service is popular among money launderers. So it turns out not to be the case.
According to Glassnode, there are currently around 200,000 Bitcoin (BTC) at the stock exchange. With the current market price that amounts to $2.8 billion.
This has not changed since the news 12 days ago. This has all been charted with on-chain analysis.
Local authorities reported that Xu Mingxing, also known as Star Xu, is the literal key figure in this case. Therefore, never forget: you can also be this figure yourself. „Not your keys, not your coins.“