Malta-based cryptocurrency exchange OKEx has reopened withdrawals five weeks after an abrupt suspension.
In a short blog post on Thursday, the exchange announced that it was lifting the freeze at 08:00 UTC and pointed users to a compensation and loyalty program in an attempt to appease disgruntled users.
On Oct. 16, OKEx had been forced to suspend all account withdrawals when an unnamed holder of the keys to the cryptocurrency assets was detained by police to apparently assist an investigation.
A report in the Chinese newspaper Caixin said the key holder was the founder of OKCoin and CEO of OK Group Mingxing “Star” Xu, based on sources “close" to the company.
However, OKEx representatives have denied any connection between the two when asked by CoinDesk.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.