OKEx, one of the world’s biggest cryptocurrency exchanges, announced a temporary suspension of withdrawals on Oct. 16. Upon the news, the price of Bitcoin (BTC) abruptly plunged 3% in 30 minutes across major exchanges.
The nervousness in the market comes from the reason behind the withdrawal suspension and the potential implications it carries.
The 15-minute price chart of Bitcoin. Source: TradingView.com
OKEx says a private key holder is cooperating with investigators, Bitcoin swiftly drops
The OKEx team said one of the private key holders of the exchange is cooperating with a public security bureau in investigations. The team said:
“One of our private key holders is currently cooperating with a public security bureau in investigations where required. We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed. Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or