• At noon on October 16, OKEx suspended all withdrawals after announcing that they were cooperating with an investigation.
  • Eventually, it was found that Mingxing Xu was arrested at least a week ago.

Although the official announcement made by OKEx states that an individual in possession of the private keys of the cold wallet is 'cooperating with a public security bureau in investigations,' Jay Hao, the co-founder, and CEO of OKEx stated that the issue was over a personal matter. 

According to a recent report by Bloomberg, the Chinese police have launched an investigation linked to OKEx, but it's still unknown what prompted the investigation. The exchange has made several statements assuring clients that the funds are safe and other activities will continue as normal:

We understand that the suspension of withdrawals directly impacts our users’ experience on OKEx, and we wholeheartedly apologize for this,” OKEx CEO Jay Hao said in the statement. “All other activities — including deposits, spot trading, derivatives, staking, etc. — remain unaffected.

However, it seems that the arrest of Mingxing Xu might not be directly related to OKEx. According to a non-official report, Xu was already released on bail and was arrested to assist in the investigation related to a backdoor listing of the European Group in Hong Kong last year. 

FUD not affecting the crypto market anymore

OKEx is not the only exchange releasing bad news, just recently, KuCoin got hacked losing more than $200 million worth of digital assets. However, it seems that the crypto market is not reacting negatively anymore. In the past month, the total market capitalization remains in an uptrend, climbing from a low of $346 billion on September 16 to $356 billion currently.

Perhaps the recent announcements from well-established companies and institutional investors purchasing large sums of Bitcoin have counteracted the negative news. Square recently bought $50 million worth of Bitcoin and Stone Ridge, a multi-billion dollar asset management company purchased close to $115 million worth of BTC.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP