![\"Okex](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/10\/dgdhsjjjdjckckkc-768x432.jpg\")
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The digital currency exchange Okex disabled cryptocurrency withdrawals on Friday morning and explained that funds were \u201csafe and not affected.\u201d Following the withdrawal announcement, regional reports claim that Okex\u2019s founder Mingxing \u201cStar\u201d Xu was taken away by the police.<\/strong><\/p>\n On Friday morning (ET) a local report from the publication Caixin detailed<\/a> that the founder of Okex, Mingxing \u201cStar\u201d Xu, was taken away by the police. Hours before the Caixin published the report, Okex\u2019s official Twitter account announced pausing withdrawals on the exchange.<\/p>\n \u201cWithdrawals of digital assets\/cryptocurrencies Okex are currently suspended,\u201d the trading platform wrote<\/a>. \u201cOther functions are up and running. Your funds and assets are safe and not affected. We sincerely apologize for any inconvenience. Further announcements will be made.\u201d<\/p>\n The withdrawal announcement also provides a blog post<\/a> link which explains the action in more detail. According to the post, a private key holder from the exchange is currently unavailable and working with law enforcement. The identity of the private key holder is not mentioned in the blog post.<\/p>\n \u201cOne of our private key holders is currently cooperating with a public security bureau in investigations where required,\u201d the trading platform stressed. \u201cWe have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.\u201d<\/p>\n The Caixin report isn\u2019t very clear and it explains that two unidentified sources told the media publication about the incident. Cryptocurrency markets took a hit after the withdrawal announcement and the following local reports concerning Xu. Regional reports also show that Star Xu talked with Shanghai police<\/a> in 2018 as well in regard to an investigation.<\/p>\n Currently, Okex is the fifth largest digital currency exchange in terms of reserves held, according to Bituniverse\u2019s exchange balance rank. The platform presently holds 198,000 BTC<\/a> or $2.2 billion worth using today\u2019s exchange rates.<\/p>\n What do you think about the issues at Okex? Let us know what you think in the comments below.<\/strong><\/em><\/p>\n The post Okex Halts Withdrawals Due to \u2018Out of Touch\u2019 Private Key Holder, Founder Star Xu Talks With Police<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"Okex](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/10\/dddkexdata.jpg\" "\\"Okex")