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23 October 2020

Why Bitcoin price abruptly dropped 3% in 30 minutes on OKEx freeze

Why Bitcoin price abruptly dropped 3% in 30 minutes on OKEx freeze


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The OKEx team said one of the private key holders of the exchange is cooperating with a public security bureau in investigations.

  We have been out of touch with the concerned private key holder.  As such, the associated authorization could not be completed.  Pursuant to 8.1 Service Change and Interruption of the Terms of Service, OKEx may change the Service and/or may also interrupt, suspend or terminate the service at any time with or without prior notice.”.

In the case of OKEx, the exchange said that one of the private key holders isn’t able to approve withdrawals.

Leo Weese, the president at The Bitcoin Association of Hong Kong, said he was surprised by the fact that one person could affect an exchange’s entire cold storage multi-sig system

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