OKEx Announces Date for Resuming Crypto Withdrawals

Crypto exchange OKEx has announced the date to resume unlimited crypto withdrawals. According to the announcement, the company intends to launch a big campaign to apologize to clients for a long wait.

November 19, 2020 | AtoZ Markets – OKEx users can be happy as the Chinese company confirmed today, November 19, the resumption of withdrawals after being frozen for almost a month.

As AtoZ Markets reported, crypto withdrawal was suspended to platform users on October 16. OKEx explained this by the loss of communication with one of the private key holders, who cooperates with law enforcement agencies.

Related: OKEx Withdrawal Suspension: Market Infrastructure Vulnerabilities Questioned

What date will OKEx resume withdrawal?

OKEx announced in an official statement confirming that from next November 27 it will be possible to make withdrawals of cryptocurrency funds from the exchange. In the statement, OKEx explains the reasons for this late date:

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"We will carry out strict security controls to restore security such as the stability of the hot wallet and thus be able to guarantee the safety of user funds," OKEx said.

In the transcript, the Malta-based company reiterates being aware of the damage they have done on several occasions and announces that there will be a major campaign to express their apologies.

What will the OKEx funds withdrawal process be like?

In a transparency exercise, the OKEx team explains how these transfers will be made:

"After the user initiates the coin withdrawal, the wind control system performs an abnormal coin withdrawal detection online. The recharge transaction will be notified to the Vault system after passing the online check, and the system will automatically create an unsigned transaction, which will be sent to the signing service for signature through a special network communication protocol, not the ordinary TCP/IP communication protocol.

At the same time, in a semi-online device, 2-3 multi-signature techniques are used, and the private key is only stored in memory. Even if the attack physically reaches the server, it is impossible to obtain the private key data.

Then the semi online service will inspect each transaction, and only after it passes the tests, will it sign the transaction, and send it to the online server through a special network communication protocol, and transmit it to the blockchain."

OKEx has also figured out what will happen to funds that for some reason do not go through these controls:

"If the semi-official service does not pass the controls, it will delay the signature for a certain time to prevent the online system from being attacked by hackers and causing the withdrawal of a large number of coins in a short period of time."

OKEx has a backup system

OKEx has always had a backup mechanism for private key managers to ensure that each private key manager can be activated to enable backup keys in the event of an extended period of disability, such as death or memory leak.

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