OKEx announced that it is enabling withdrawals

Asia’s leading OKEx exchange announced the resumption of withdrawals. After being frozen for almost a month. Excellent news.

Indeed, OKEx announced in an official statement, that it will resume withdrawal services on or before November 27th.

The Exchange released this news in an official statement on November 19. Most importantly, OKEx announced that before resuming withdrawals, its team will be conducting strict security checks.

How will the withdrawal process be carried out at OKEx?

Clearly, they will be carrying out strict security controls. In doing so, the Exchange believes it will help ensure the safety of its users‘ funds.

With this in mind, OKEx emphasises that it maintains 100% reserves of all its deposited funds. It reminds users that they can withdraw all their assets if they wish.

  1. After the user starts the withdrawal, the wind control system performs an abnormal coin withdrawal detection online.
  2. The reload transaction will be notified to the Vault system, after passing the online check. The system will automatically create an unsigned transaction. Then, it will be sent for signature, through a special network communication protocol.
  3. In a semi on-line device, 2 – 3 multi-signature techniques are used. The private key is then only stored in memory.
  4. The semi on-line service will inspect each transaction. It will send it to the online server via a special network communication protocol and transmit it to the Blockchain.

But why had the withdrawals been suspended?

As a reminder, a report on October 16 revealed that the authorities had arrested OKEx’s founder, Mingxing Xu. Specifically, the authorities arrested him and interrogated him for allegedly listing the Exchange.

However, OKEx claims that Xu worked with the authorities. Helping them discover that the Exchange did not commit any foul play.

 

At the time, OKEx reported: „The reason for the suspension of withdrawals was that the holder of a private key was unable to authorize transactions.

OKEx CEO Jay Hao said the decision to temporarily suspend withdrawals was made „with the user’s security in mind,“ he said:

„We will do everything in our power to restore this service immediately. And we will provide updates on the matter as soon as possible.

OKEx enables withdrawals

In general, now that the investigation is over, the holder has returned to his normal business routine and can confirm withdrawals on OKEx. Furthermore, the Exchange claims that the investigation concluded that OKEx has not engaged in any illegal activity.

„The problem has been resolved and the relevant personnel have returned to work“.

„We apologize for any and all inconvenience. It is clear that we will strive to improve internal processes as soon as possible to avoid similar situations occurring in the future.

In conclusion, OKEx reiterates its awareness of the damage they have done on several occasions. Therefore, it announces that there will be a major reward campaign, to express its apologies. So stay tuned for the news.

I leave with this quote from James Whitcomb Riley: „Continued, tireless, persistent effort will win.