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OKEx will make copies of private ...

OKEx will make copies of private keys to prevent wallets from being frozen

  • The exchange recognized the internal nuances required for new solutions

  • OKEx will now backup the private keys of crypto wallets

  • Because of what the exchange stopped the withdrawal of cryptocurrencies for almost a month, it remains unknown

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Cryptocurrency exchange OKEx plans a number of structural changes to prevent recurrence of incidents with freezing of user assets

Cryptoexchange OKEx will change the structure of storing user assets on its wallets. This was stated by the CEO of the exchange Jay Hao during the session of answers to questions.

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According to the head of OKEx, freezing withdrawals from OKEx was a test not only for the exchange, but also for users.

OKEx will make copies of private ...

Separately, Hao commented on the long silence on the resumption of withdrawals:

“Uncertainty creates inconvenience and stress, and we can only apologize for that.”.

At the time of the withdrawal freeze, trading activity on the platform expectedly decreased, but the incident still highlighted a couple of unexpected moments in the internal processes of the exchange. Hao assured that the company is already working on fixing errors in order to avoid the repetition of incidents.

Open question

According to Hao, the suspension of the withdrawal of funds has nothing to do with the Chinese authorities’ allegations of money laundering..

“As stated in many previous announcements, the investigation has nothing to do with OKEx,” said the head of the exchange..

In this connection, the exchange suddenly froze the withdrawal of cryptoassets for almost a month, it remains unknown for sure, however, almost immediately after the freezing of assets, Hao claimed that the decision was made due to a “law enforcement investigation.”.

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To prevent such a pernicious scenario from happening again, OKEx will now make backup copies of private keys to the exchange’s wallets.

OKEx will make copies of private ...

Why didn’t the exchange use a private key backup before, Hao didn’t say.

As a reminder, on October 16, OKEx froze the withdrawal of all cryptocurrencies from its platform. According to Caixin.com, citing intra-exchange sources, OKEx founder Star Xu was arrested by law enforcement in China. At the same time, it was assumed that it was he who had access to exchange wallets, which is why OKEx had to stop the withdrawal of digital assets..

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