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[LIVE UPDATES] OKEx confirms all user funds safe, non-withdrawal platform ops functioning as usual

2020.10.17 OKEx

UPDATE: Nov. 19 at 12:00 pm UTC

OKEx has announced that we will resume withdrawals on or before Nov. 27, 2020.

Before reopening withdrawals, our team is conducting strict security checks in order to resume normal operations of the hot wallet system and ensure the safety of our users’ funds. Read the full announcement here.

UPDATE: Nov. 17 at 2:30 pm UTC

Weekly report
Today, we published our weekly report on OKEx trading activity. The trading volume of OKEx crypto derivatives (futures, perpetual swaps and options) reached 64.63 billion USDT — a 60% weekly increase.

We also reported that there was an inflow of 211 BTC this week. The BTC wallet balance on OKEx currently stands at 219,704 BTC. As the report states, there has been no outflow of any on-chain crypto assets from OKEx this week, as withdrawals remain suspended. Users' funds remain safely secured.

BCH fork update
We announced today that the platform plans to resume trading of BCHUSD and BCHUSDT weekly and bi-weekly futures contracts at 9:00 am UTC on Nov. 18. For more details on contract tier adjustments, please check the announcement.


UPDATE: Nov. 16 at 3:00 pm UTC

Hard fork update for BCH traders
The Bitcoin Cash (BCH) network completed its hard fork yesterday, Nov. 15. There are currently two forked chains, Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN).

Referencing trading prices across major platforms, we can see that the current price of BCHN is significantly higher than that of BCH ABC. Following our previously announced guidelines, this means we have adopted BCHN as the new BCH. BCH ABC tokens will be airdropped to users' Funding Accounts at a 1:1 ratio.

See the full announcement for more details.

Withdrawals
Withdrawals from OKEx are still temporarily paused. All user funds remain safe and unaffected. We sincerely apologize for the inconvenience to users and are working hard to resume full platform functionality. Please continue to check this article or our official social channels for further updates.


UPDATE: Nov. 14 at 3:30 pm UTC

Hard fork updates for BCH traders

The Bitcoin Cash (BCH) hard fork is scheduled to take place tomorrow, Nov. 15, around midday, UTC.

For all BCH traders on OKEx, we ask that you please do not make any BCH transfers during the fork period in order to avoid asset losses. You can find more details of what to expect during and after the fork here.

For BCHUSD and BCHUSDT futures and perpetual swaps, today we released details on risk control adjustments that will take place around the BCH hard fork.  Please check the announcement for full details.

Withdrawals

Withdrawals from OKEx are still temporarily paused. All user funds remain safe and unaffected. We sincerely apologize for the inconvenience to users and are working hard to resume full platform functionality. Please continue to check this article or our official social channels for further updates.


UPDATE: Nov. 12 at 8:00 am UTC

Withdrawals
Withdrawals from OKEx are still temporarily paused. All user funds remain safe and unaffected. We sincerely apologize for the inconvenience to users and are working hard to resume full platform functionality. Please continue to check this article or our official social channels for updates on the situation.

OKEx Market Microstructure Report — October 2020
The data for trading activity on OKEx in the month of October is in. At the end of last month, OKEx had the highest aggregated open interest for BTC futures across all exchanges, at $1.1 billion. It also had the highest aggregated OI for ETH futures, at $240 million.

Additionally, despite the decline in token prices in the world of decentralized finance, the trading volume of DeFi tokens remained stable — down only 2% month-over-month. 

For more insights from our October Microstructure Report, you can read the full summary here.


UPDATE: Nov. 9 at 1:00 pm UTC

Withdrawals
Withdrawals of digital assets from OKEx are still temporarily paused. All user funds remain safe and unaffected. We will continue to update users on the situation in a timely manner.

Product updates
Today, we published our monthly report for October on OKEx's platform token, OKB. OKB's average market capitalization in October was $1.47 billion, and the total trading volume for the month reached 2.48 billion USDT. Read the full report to learn more.


UPDATE: Nov. 6 at 2:00 pm UTC

We can confirm that a party related to OKEx is, as stipulated by law, actively cooperating with a public security bureau in an investigation. Claims that the concerned party is under criminal detention have been refuted.

We have sought legal support and guidance, and through this process, have made contact with the concerned party.

At this time, unfortunately, OKEx is unable to disclose further information, as the content of the investigation is confidential.

We apologize for the disruption in normal functionality that this has caused and will promptly update our users with new information regarding the status of withdrawals.

All user funds on the OKEx platform remain safe and unaffected. There has been no asset outflow of any form from OKEx since the suspension of withdrawals on Oct. 16. At the same time, we can assure our users that 100% of their funds can be withdrawn after withdrawals have been resumed on OKEx.


UPDATE: Nov. 4 at 2:00 pm UTC

Withdrawals
Withdrawals on OKEx are still temporarily paused. The security of user funds is our top priority, and all user funds remain safe and unaffected. We are working hard to resume full platform functionality. Please check this article for further updates.

Product updates
OKEx-developed public blockchain infrastructure OKExChain has released its progress report for the month of October. The OKExChain testnet was upgraded to v0.12.3, which primarily optimized the automated market-maker Swap module, aimed at affecting liquidity on the chain. Read more about the developments here.

For NEO and Algorand (ALGO) holders on OKEx, we began our monthly bonus distribution today. You can find more details on how to redeem your bonuses here.


UPDATE: Oct. 30 at 12:30 pm UTC

Withdrawals
Withdrawals from OKEx are still temporarily paused. All other platform operations that don't involve withdrawals remain up and running. The security of user funds is our top priority, and all user funds remain safe and unaffected. We are working hard to resume full platform functionality. Please check this article for further updates.

Other updates
We’ve introduced a system to reward our loyal customers with lower trading fees. Read the full announcement for more details on how to receive lower fees for up to 30 days after withdrawals resume on OKEx, plus other benefits.


UPDATE: Oct. 29 at 5:30 pm UTC

Withdrawals
Withdrawals from OKEx are still temporarily paused. The security of user funds is our top priority and all user funds remain safe and unaffected. We are working hard to resume withdrawals as soon as possible. Please check this article for further updates.

Other product updates
For C2C Loan users: OKEx decided to move up the suspension date of BCH as collateral from 3:00 am UTC on Nov. 8 to 9:00 am UTC on Oct. 29. Please note, users who borrow USDT with BCH as collateral must repay their loans before 3:00 am UTC on Nov. 14, which is when a mandatory repayment will be triggered.


UPDATE: Oct. 28 at 1:00 pm UTC

Withdrawals
Withdrawals from OKEx are still temporarily paused. The security of user funds is our top priority and all user funds remain safe and unaffected. We are working hard to resume withdrawals as soon as possible. Please check this article for further updates.

Other product updates
Today, OKEx announced that it will support the planned hard fork of the Bitcoin Cash (BCH) network on Nov. 15. There are currently two competing fork proposals, Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN). If the hard fork is successful, users holding BCH on OKEx before the fork will receive two new assets: BCH ABC and BCHN.

For more details regarding the planned hard fork and how it will affect trading on OKEx, please click here.


UPDATE: Oct. 27 at 1:00 pm UTC

Withdrawals on OKEx are still temporarily paused. The security of user funds is our top priority and all user funds remain safe and unaffected. We are working to get the platform back to full functionality. Please check this article for further updates.


UPDATE: Oct. 26 at 11:30 am UTC

A WebSocket System Upgrade is scheduled for tomorrow, Oct. 27 at 8:30 am UTC (affects API traders and other parties using the OKEx API).

Withdrawals on OKEx are still paused. The security of user funds is our top priority. All user funds remain safe and unaffected. We are doing everything we can to ensure that the platform returns to full functionality.


UPDATE: Oct. 23 at 2:00 pm UTC

At this time, withdrawals from OKEx are still paused. All OKEx products are up and running except those that directly involve withdrawals — i.e., Sell Crypto fiat gateway and DeFi token yield farming on OKEx Earn, which were also temporarily suspended on Oct. 16.

We are working around the clock to get back to business as usual. User funds remain safe and unaffected. We'd like to extend an enormous thank you to the OKEx community for your unwavering patience. Please check back here for updates.


UPDATE: Oct. 22 at 3:15 pm UTC

All functions on OKEx are up and running, except those that involve withdrawals. User funds are safe. We sincerely appreciate your patience and are working hard to resume withdrawals. Please check this article for future updates.


UPDATE: Oct. 21, 2020 at 2:00 am UTC 

Resumption of P2P Trading and Buy Crypto

The OKEx P2P platform will resume trading on Oct. 21, 12:00 pm UTC for CNY, INR and VND fiat pairs, and the Buy Crypto fiat gateway will also be reactivated at the same time.

Please note that cryptocurrency withdrawals are still temporarily suspended. For your safety, avoid off-escrow trading as it runs the risk of scams and/or disputes without any protection. As always, please practice proper risk management when trading, and only follow our official communication channels for the latest updates.

We thank you for your continued patience and support.


As of 3:00 am UTC today, Oct. 16, OKEx has suspended digital asset withdrawals temporarily.* We would like to assure users that the security of funds on OKEx has not been affected. Additionally, all other operations on OKEx that do not involve withdrawals are functioning normally.

In regard to claims on Twitter today that funds had been withdrawn from OKEx to a competitor exchange, OKEx's wallet team has confirmed that the origin wallet addresses in said transactions do not belong to OKEx.

The chief economist at major blockchain analytics firm Chainalysis also confirmed in a tweet today that the transactions in question had been "mislabelled" and were not in fact from OKEx. 

We sincerely apologize for any inconvenience to our users that the suspension of withdrawals may have caused. We will keep users posted as soon as we have more information — please refer to OKEx's official Twitter for the latest updates. Of course, we will resume digital asset withdrawals as soon as we've determined that all security requirements have been met.

We appreciate and value your continued support and trust, and we will continue to deliver first-class products, services and technical support to our customers.

*Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or may also interrupt, suspend or terminate the service at any time with or without prior notice.


Media contact

Vivien Choi
Email: [email protected]
Telegram: @vivienchoi

Follow OKEx

Twitter: https://twitter.com/OKEx
Facebook: https://www.facebook.com/okexofficial/
LinkedIn: https://www.linkedin.com/company/okex/
Medium: https://medium.com/@OKEx
Telegram group (English): https://t.me/OKExOfficial_English
Telegram group (Russian): https://t.me/okexofficial_ru


Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.


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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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