Jay Hao, CEO of Malta-based cryptocurrency change OKEx, mentioned his agency has taken steps to make sure the difficulty that triggered a freeze of over 5 weeks in cryptocurrency withdrawals can’t reoccur.
In an ask-me-anything (AMA) session, a transcript of which was revealed on Wednesday, Hao mentioned the incident led the change “to make a number of enhancements in our inside processes.”
“I believe that the incident highlighted a number of crucial factors. It uncovered some weaknesses in our inside processes, which we at the moment are steadfast in correcting,” he mentioned.
The CEO confused that consumer funds had by no means been in jeopardy and that OKEx maintains backups of the crypto personal keys. He didn’t clarify why they couldn’t be used on this incident, nonetheless.
On Oct. 16, OKEx was compelled to halt withdrawals as a result of one of many key holders being held by authorities and “cooperating” with an investigation. The change managed to renew the service on Nov. 27, with OKEx saying the keyholder had been launched and had not been concerned in any wrongdoing or unlawful actions.
Within the AMA, Hao acknowledged the difficulty was dangerous for the corporate and that buying and selling has dropped because of this. He additional apologized to prospects for the uncertainty, inconvenience and stress attributable to the occasion.