Another day in the crypto neighborhood, another centralized exchange failing.
OKEx announced withdraws are suspended due to one of the private key holders participating in an ongoing investigation by a public security bureau. OKEx continues on by saying withdrawals will be available once the key-holder is able to approve the transactions. Effectively freezing the exchange in its track.
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The OKB token has sunk 15% on the day as a result of this news.
Per Cointelegraph.com – “Outgoing transfers of 1,180 BTC worth $13.6 million, 50 million Tron (TRX) worth $1.3 million, and 21,000 Ether (ETH) were made over six hours, alongside an incoming transaction of roughly $13.9 million in Tether (USDT). The transfers occurred during a similar time period to transfers of coins from the Bitfinex hack according to Whale Alert’s feed, however this may simply be a coincidence given the large numbers of transactions that occur every day.”
Fool me once, shame on you. Fool me twice, shame on me. If you weren’t around for the Mt. Gox event, in a nutshell it was one massive exit scam. The CEO Mark Karpelès walked away with 424,242 Bitcoin, currently valued at 4.8 BILLION dollars. Let us learn from our past mistakes – not your keys, not your coins! The fact this single person can halt this entire exchange just showcases the tremendous power of owning your keys.
“Those who don’t know history are doomed to repeat it.”― Edmund Burke