OKEx suspends cryptocurrency withdrawals after key holder becomes unavailable
OKEx suspends all cryptocurrency withdrawals after founder/CEO Star Xu becomes unavailable due to cooperating with Chinese police investigation.
On October 16, 2020, OKEx suspends cryptocurrency withdrawals after key holder becomes unavailable. OKEx suspends all cryptocurrency withdrawals after founder/CEO Star Xu becomes unavailable due to cooperating with Chinese police investigation.
The incident highlighted ongoing risks of centralized exchanges, particularly those based in jurisdictions where executives could be detained or pressured by authorities, and reinforced the importance of self-custody. OKEx assured users that funds were secure and that withdrawals would resume once Xu became available, but the uncertain timeline and opaque nature of Chinese investigations created significant anxiety. The suspension would last five weeks before withdrawals finally resumed in November.