OKEx says it has hired 'external legal counsel' to help resolve withdrawal issues

Crypto exchange OKEx has hired "external legal counsel" to help resume withdrawals it halted on October 16.

Announcing the update on Friday, OKEx said it has also contacted some private key holders. OKEx halted withdrawals three weeks ago as one of its private key holders has been "out of touch" and is undergoing police investigation. OKEx today said it cannot reveal details of the investigation as the matter is confidential.

"The personnel that is assisting investigation is in good condition and is cooperating with the police department," said the exchange.


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OKEx further said that media reports claiming that the detained private key holder has been criminally charged are a "rumor."

Reiterating its previous statements, OKEx said user funds are safe and business operations are normal. The exchange will make "every effort to restore the withdrawal function as soon as possible," it said.

Some media reports in the past have claimed that the detained person is OKEx founder Star Xu. An OKEx spokesperson denied any connection with Xu at the time.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.