Sure enough, OKEx announced in an official statement, that it will resume withdrawal services on or before November 27.
We’re pleased to announce @OKEx will reopen withdrawals by Nov 27, 2020. We are committed to building more high-quality products and enhancing the overall user experience for everyone in the #OKFam.
Reward campaigns coming soon. Stay close!
– OKEx (@OKEx) November 19, 2020
The Exchange released this news through an official statement on November 19. Most importantly, OKEx announced that before resuming withdrawals, their team will be under strict security controls.
How will the withdrawal process be carried out in OKEx?
Clearly, they will carry out strict security checks. By doing so, the Exchange believes it will help ensure the safety of its users’ funds.
With this intention, OKEx emphasizes that it maintains reserves at 100% of all its deposited funds. Reminding users that they can withdraw all their assets if they wish.
After the user initiates the withdrawal, the wind control system performs an abnormal coin withdrawal detection online. The recharge transaction will be notified to the Vault system, after passing the online control. The system will automatically create an unsigned transaction. It will then be sent for signature, via a special network communication protocol. In a semi-online device, 2 – 3 multi-signature techniques are used. Next, the private key is only stored in memory, the semi-online service will inspect each transaction. It will send it to the online server through a special network communication protocol and transmit it to the Blockchain.
But why had the withdrawals been suspended?
To recall, an October 16 report revealed that the authorities had arrested OKEx founder Mingxing Xu. Specifically, the authorities detained and questioned 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.
By then, OKEx reported: “The reason for suspending withdrawals was because the owner of a private key could not authorize transactions.”
For his part, OKEx CEO Jay Hao said the decision to temporarily suspend withdrawals was made “with user safety in mind,” stating:
“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
Overall, now that the investigation is over, the incumbent has returned to his normal business routine and can confirm withdrawals on OKEx. Furthermore, the Exchange states that the investigation concluded that OKEx was not involved in any illegal activity.
“The problem has been resolved and the relevant personnel have returned to work.”
“We apologize for each and every inconvenience. It is evident that we will strive to improve internal processes as soon as possible, to avoid similar situations occurring in the future.
To conclude, OKEx reiterates being aware of the damage they have done on several occasions. Therefore, he announces that there will be a big reward campaign, to express his apologies. So stay tuned for the news.
I retire with this phrase from James Whitcomb Riley: “Continuous, tireless and persistent effort will win.”
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