OKEx denies rapidly spreading claim about wallet control


The cryptocurrency exchange OKEx’s claim that only one person controls Bitcoin wallet keys has been denied by the exchange.

As it is known, OKEx, one of the largest crypto money exchanges in the world, has not been able to withdraw since October 16. Millions of users of the exchange have been unable to withdraw their money for about two weeks.

A report on the subject published yesterday by the Chinese cryptocurrency news site Jinse quickly circulated on social media. In the report, it was alleged that OKEx’s Bitcoin wallet is not multi-signed as it should be, but single-signed, all control is under the founder name Xu Mingxing, and BTCs could not be reached due to Mingxing’s detention.

Denial came to the news from OKEx. Speaking to Decrypt, an official from the exchange reported that OKEx uses a semi-offline multi-signature system for hot wallets. When it comes to cold wallets where 95 percent of Bitcoins are stored, it is stated that the exchange has comprehensive security measures. As stated on OKEx’s website, private keys are stored on completely offline computers, with limited amounts of Bitcoin held in cold wallet addresses. The encrypted private key document is stored outside the office and is controlled by different people in different locations. A minimum of two people are required to access any private key.

Matthew Graham, who shared the news on Twitter, deleted his tweet claiming that the image may have been edited.

Users, on the other hand, are anxious as they haven’t been able to withdraw their BTC in almost two weeks. The exchange announced yesterday that all funds belonging to users are safe and efforts are made to continue withdrawals.

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Is the expected moment for OKEx coming?

Finally, a way to withdraw money from OKEx was found for large investors recently. Developer Zulu Republic, liquidity provider Alameda Research, and the cryptocurrency community Whalepool jointly introduced a method that requires users to waive a certain amount of their money by creating a token. The minimum order to use this method is 100 BTC.


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