After Two Weeks : OKex Withdrawal Remains Suspended

[darkphoenix2610]

It's been two weeks now since OKEx suspended their withdrawals, though they are giving updates most users are complaining it's not enough to explain the issue. How long more users need to wait for the withdrawal function? What could be the maximum thing that the team is doing now to resolve the issue? What are your thoughts on this? https://crypto.co/news/after-two-weeks-okex-withdrawal-remains-suspended/

[AB de Royse777]

I see the official tweets which are assuring the users that the funds are safe.

https://twitter.com/OKEx/status/1321472684832755720

The detailed updates are here: https://www.okex.com/academy/en/okex-confirms-all-user-funds-safe-non-withdrawal-platform-ops-functioning-as-usual

So it's better to be with them instead of some unknown blogs commenting on it and speculating on it. People in social media sometimes make things overhyped. Even if they do not keep their promise, the users can not do anything. So, in my opinion, following their updates should be the best practice.


Sorry for the users who's funds are locked. I have had this experience before with some other exchange and I know that pain. I was lucky that I did not have much asset there.

[exstasie]

How long more users need to wait for the withdrawal function?

It's anyone's guess. Last I heard, the CEO (who has been known to be the sole controller of the exchange's private keys) was in police custody. Last time the Chinese government was meddling with exchanges and auditing them in early 2017, the big 3 (Okcoin, BTC China, and Huobi) all froze withdrawals for 2 or 3 months before eventually shutting down and moving overseas.

What could be the maximum thing that the team is doing now to resolve the issue?

There is nothing "the team" can do since they obviously don't have the private keys. If the Chinese government is behind this, there is really nothing to do but wait and perhaps, pray.

[joniboini]

Hopefully, people will learn and never store their assets on CEX anymore. It's probably a pain in the ass to move your assets back and forth to trade but at least you can avoid a situation like this.

[Darker45]

Hopefully, people will learn and never store their assets on CEX anymore. It's probably a pain in the ass to move your assets back and forth to trade but at least you can avoid a situation like this.

Of course, exchange wallets are not really for storage. But it is not just a pain in the ass, it might even be next to impossible if you are a day trader to move your funds in and out of exchanges every once in a while. You don't have much of a choice but to really take the risk and keep some funds in exchange wallets. You cannot just move funds in so much hurry every time the price is about to hit your target sell or buy price. That's so costly in terms of fees and your transaction might even get caught by a clogged network.

[logfiles]

How long more users need to wait for the withdrawal function? What could be the maximum thing that the team is doing now to resolve the issue? What are your thoughts on this?

Those are the kind of questions you should be asking the Okex team or support because only they know what exactly is going on. I don't think anybody here knows how long the affected users need to wait before withdrawals are enabled.
This should be a reminder once again. Not your private keys, not your money. Only keep what you can afford to lose in an exchange if you must.

[AB de Royse777]

Hopefully, people will learn and never store their assets on CEX anymore. It's probably a pain in the ass to move your assets back and forth to trade but at least you can avoid a situation like this.

I have nothing to say for those people who deliberately keep their coins in an exchange, some people even think exchanges are safe place for them :-P

But I have had an experience of freezing my coins because of the exchange got hacked. And I was not storing the coins in the exchange. I moved the coins a day before for a trade, placed a buy order in my desire price and was waiting for the trade to be executed. But to my surprise in the next day the news was everywhere that the exchange got hacked. Lucky me that the owner had their business insurance, and they promised to cover any lose from the insurance. After a week the operation gone normal and I did not think twice to withdraw my coins once the withdrawals were on.

Unless we are doing any p2p trade this risk of losing money in exchange is always there.

[malevolent]

What are your thoughts on this?

Two weeks of no withdrawals for anyone without really reassuring news is generally a bad sign, if anyone has any money there they should plan accordingly. I'd probably start looking if there're any options to trade okexBTC for BTC.

[darkphoenix2610]

I see the official tweets which are assuring the users that the funds are safe.

https://twitter.com/OKEx/status/1321472684832755720

The detailed updates are here: https://www.okex.com/academy/en/okex-confirms-all-user-funds-safe-non-withdrawal-platform-ops-functioning-as-usual

So it's better to be with them instead of some unknown blogs commenting on it and speculating on it. People in social media sometimes make things overhyped. Even if they do not keep their promise, the users can not do anything. So, in my opinion, following their updates should be the best practice.


Sorry for the users who's funds are locked. I have had this experience before with some other exchange and I know that pain. I was lucky that I did not have much asset there.

You are right, for more than two weeks that's the least they can do only to reassure that their funds are safe without having a solid explanation of what's really happening. And the more they are silent with the real reason behind the more speculation that will be going around the industry. And too bad for the users who got affected by this issue they can't do anything just to wait.

[Harlot]

Is this some kind of smart way of OkEX saying that they were hack and they just don't want their users to panic at the moment? If this is the case I think they are doing a bad job because right now with the Twitter complaints about them not being able to withdraw their money and several news saying worrying things their job of extinguishing the flame is not good. We have seen this in hacked exchanges before were they are really not saying the truth or not saying the whole story, this is the same case I am seeing with OKex.

[darkphoenix2610]

Is this some kind of smart way of OkEX saying that they were hack and they just don't want their users to panic at the moment? If this is the case I think they are doing a bad job because right now with the Twitter complaints about them not being able to withdraw their money and several news saying worrying things their job of extinguishing the flame is not good. We have seen this in hacked exchanges before were they are really not saying the truth or not saying the whole story, this is the same case I am seeing with OKex.

Actually, they didn't declare that they were hacked, they're having an issue with one of their private key holder which is out of touch until now. And that's what they claimed on their statement as to why they need to suspend their withdrawals and it's been almost 3 weeks now since then. And some issues circulating also is that their founder was being arrested. So which is which? Now we can see the sentiments of their users... Just so sad...