This week saw more exchange drama rock the crypto markets. OKEx, one of the industry’s largest crypto-fiat exchanges, suspended all cryptocurrency withdrawals, saying one of the exchange’s key holders has “been out of touch” with the exchange because they are “currently cooperating with a public security bureau in investigations.” Coming hard on the heels of the BitMEX indictments from a couple of weeks ago, this surely will focus the market’s attention on the security of the withdrawal protocols of large exchanges. At the time, concerns surfaced that withdrawals might be halted from BitMEX, one of the largest derivatives exchanges in the […]
OKEx
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OKB, the native exchange token for OKEx, has lost nearly an additional 20% of its market value Saturday, bringing its total drop to roughly 30% since the second-largest cryptocurrency derivatives exchange suspended withdrawals early Friday morning due to a keyholder being “out of touch”. Source link
OKEx has frozen withdrawals, audit firms are experiencing a backlog of DeFi projects and the Trump administration is examining DLT for national defense. Top shelf Audit (back)logsCrypto code audit firms say they are swamped with decentralized finance (DeFi) projects. Three of the most well-regarded auditors in the space – OpenZeppelin, Quantstamp and Trail of Bits – told CoinDesk’s William Foxley they are all booked until at least Q1 2021. For example, Quantstamp’s Juliano Martinez said the “high volume” of applicants has led to his company “rejecting lots of projects.” The months-long backlog comes amid a sharp pullback across the $11 billion DeFi market, […]
When will we ever learn? Not your keys? Not your coins. On Friday morning as the OKEx withdrawal-freeze story twisted and turned, CoinDesk’s editors had an off-the-cuff discussion about the fundamental realities and unique challenges of security for even the largest exchanges. Source link
Bitcoin rebounded from an OKEx-related drop; ether options traders may be beacon chain bearish. Bitcoin (BTC) trading around $11,327 as of 20:00 UTC (4 p.m. ET). Slipping 2% over the previous 24 hours. Bitcoin’s 24-hour range: $11,199-$11,623 BTC below its 10-day moving average but above the 50-day, a sideways signal for market technicians. Bitcoin trading on Bitstamp since Oct. 14. Source: TradingView Bitcoin’s price moved as high as $11,623 late Thursday/early Friday but trades at that height were short-lived. Spot traders punched the sell button around 04:00 UTC (12:00 a.m ET) on the news that Malta-based exchange OKEx suspended withdrawals due […]
OKEx is denying that the ongoing inquiry of its founder is related to an anti-money laundering investigation. “We are not at liberty to discuss any matters that are under investigation but can reveal that it is not related in any way to AML or to OKEx,” a spokesperson from the exchange told CoinDesk. The exchange informed its users it would suspend crypto withdrawals at 03:00 UTC on Friday and claimed a key holder, later revealed to be OKEx founder “Star” Xu, was out of touch and cooperating with the police for a personal issue. The exchange might have violated anti-money laundering […]
Bitcoin (BTC) fell 2% Friday, the most in three weeks, after the market was spooked by the announcement that the cryptocurrency exchange OKEx had suspended withdrawals because founder Mingxing “Star” Xu was reportedly taken into police custody. The executive is the holder of a private key needed to authorize withdrawals, and that became impossible since he was out of touch, the exchange wrote in a notice published early Friday morning. Officials with OKEx, which is based in Malta but led by Chinese executives, said the issue involved a personal matter, not the exchange, and shouldn’t affect ongoing business. Traders said the price impact might be short-lived. “I don’t think this […]
While market sentiment may remain temporarily weak after the OKEx news, a price crash looks unlikely. Source link
Caixin sources said Mingxing “Star” Xu, had been taken by police at least a week ago and hasn’t been seen since. Source link
OKEx has suspended all cryptocurrency withdrawals indefinitely, saying one of the exchange’s key holders is “currently cooperating with a public security bureau in investigations” and has “been out of touch” with the exchange. OKEx’ CEO subsequently said the investigation is the key holder’s personal issue. Update (Oct. 16, 4:57 UTC): This article has been updated with information about coin withdrawals, price of bitcoin. Source link
Decentralized finance (DeFi) has been grabbing the headlines and capturing the imagination of traders in recent weeks and some of the biggest centralized cryptocurrency exchanges seem to be afraid they’re missing out. That’s why they are now trying to reposition themselves as integral parts of this exploding sector, particularly as traders in China grow more interested in DeFi. Huobi announced Tuesday it was adding 10 more members to its DeFi initiative, described as “a consortium of centralized and decentralized financial services providers.” Archrival OKEx, which launched its OKxChain blockchain earlier this year, boasted Monday that with its latest upgrade the network […]
Cryptocurrency exchange Huobi is taking aim at competitor OKEx in China, specifically the business of trading bitcoin futures and other derivatives contracts. The fight opens a new front in a longstanding rivalry. OKEx, which is led by Chinese executives and based in Malta, is the world’s biggest crypto derivatives exchange, with outstanding contracts valued at $1.26 billion, according to the data site CoinGecko. Huobi, also led by Chinese brass but based in Singapore, is close behind, tied for second place with another exchange, BitMEX, at $1.25 billion. In a report this month, Huobi said it has “managed to push new boundaries […]
OKEx has confirmed a loss of approximately $5.6 million in Ethereum Classic (ETC) from two recent 51% attacks and is considering removing ETC from its exchanges. Yet, as the cryptocurrency exchange with the highest trading volume of ETC, OKEx acknowledged that removing ETC from trading would not be an easy decision to make, according to Jay Hao, chief executive of the exchange. “Given ETC’s popularity and standing, we are not rushing into delisting,” Hao told CoinDesk in a Telegram message on Aug. 17. “However, they need to implement significant upgrades to the network to reduce the chances of another 51% attack […]
Crypto exchange OKEx is partnering with peer-to-peer marketplace Paxful to enable new fiat onramps for its customers. Paxful said in an emailed statement Monday that the move would benefit its own users by providing better liquidity and ease of access. According to the statement, Paxful would work as a fiat-to-cryptocurrency ramp for OkEx and its services will allow users to buy bitcoin with over 160 different national currencies, including the euro, pound sterling, Indian rupee and Thai baht. “With this partnership, we hope to make crypto more accessible as a real-world payment method,” said Ray Youssef, CEO and co-founder of Paxful, […]
Malta-based cryptocurrency exchange OKEx rolled out option contracts on Ethereum’s ether (ETH) token on Thursday, ending the Panama-based Deribit’s virtual monopoly in the space. “OKEx ETH Options Contracts will be settled in ETH. Each contract’s face value of ETH/USD options is 1 ETH,” Jay Hao, CEO of OKEx, told CoinDesk. Options are derivative contracts, which give the buyer the right, but not obligation to buy or sell the underlying asset at a predetermined price on or before a specific date. While a call option represents a right to buy, a put option gives the holder the right to sell. The mark […]