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OKEx CEO Says Exchange Updating Procedures to Prevent Repeat of Withdrawal Freeze Issue
Jay Hao pledged in an AMA that his firm has taken steps to ensure cryptocurrency withdrawals won't again be frozen because of the absence of a keyholder.
Jay Hao, CEO of Malta-based cryptocurrency exchange OKEx, said his firm has taken steps to ensure the issue that caused a freeze of over five weeks in cryptocurrency withdrawals cannot reoccur.
STORY CONTINUES BELOW
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In an ask-me-anything (AMA) session, a transcript of which was published on Wednesday, Hao said the incident led the exchange "to make several improvements in our internal processes."
"I think that the incident highlighted several very important points. It exposed some weaknesses in our internal processes, which we are now steadfast in correcting," he said.
The CEO stressed that user funds had never been in jeopardy and that OKEx maintains backups of the crypto private keys. He didn't explain why they couldn't be used in this incident, however.
On Oct. 16, OKEx was forced to halt withdrawals due to one of the key holders being held by authorities and "cooperating" with an investigation. The exchange managed to resume the service on Nov. 27, with OKEx saying the keyholder had been released and had not been involved in any wrongdoing or illegal activities.
See also: Despite New Incentives to Stay, Some of OKEx’s Chinese Users Are Determined to Leave
In the AMA, Hao acknowledged the issue was harmful for the company and that trading has dropped as a result. He further apologized to customers for the uncertainty, inconvenience and stress caused by the event.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
