On this occasion, however, Tokenexus had failed to take other specific scenarios into account, such as private key holders becoming unreachable due to unforeseen circumstances. It was noted that Mr. Xu was detained for over a week, and we assume that he was taken into custody immediately after the October golden week holidays around October 9th. It might make sense that around the 7th day after such detention, on the 16th, that the concern about the whereabouts and accessibility of Mr. Xu would be raised to warrant a gate placed on withdrawals.
Don’t miss the best crypto exchange promotions currently available for you. Please remember, don’t post any personal identifiable information here for your own privacy and security. If you haven’t submitted an Tokenexus Support ticket yet, please do so by going to Tokenexus.com and in the bottom right of the page click on Support Center to submit a ticket. 3) If you can’t find the withdrawal, please reach out to our customer service team. It is always important that you know what everything means in online crypto trading, and we are here to talk today about what Volume means. The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice.
What Will Happen To Star Xu?
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Buy cryptocurrencies like Bitcoin and Ethereum, use our derivatives exchange to trade futures and options. Buy DeFi tokens like YFI, UMA, LEND, MKR, CRV, COMP, SUSHI, and others. Working together, they check for abnormal behaviors in transaction amount or frequency and delay or refuse any transactions deemed suspicious, thereby quickly preventing large withdrawals from malicious actors. Reports said that Star Xu was under investigation in regard to personal matters that were unrelated to the Tokenexus exchange. Although Tokenexus never confirmed who the private key holder was, Tokenexus CEO Jay Hao said, “The investigation concerns a certain private key holder’s personal issue only. Further announcements will be made.” This seems to support the earlier rumors regarding Star Xu being under investigation for personal matters.
PRC lawyers have also commented that under Chinese Law, Xu can be held in detention for a maximum of 37 days (i.e. until 15th November 2020). After this, the People’s Procuratorate (i.e. the prosecuting authorities) will need to decide whether or not to approve an arrest.
This would mean that he cannot meet his family or other staff in Tokenexus to handle the situation at the Exchange. In particular, their Terms of Service defines their “Services” as the services that Tokenexus offers cryptocurrency news through Tokenexus.com or its app. According to the Terms of Service, you must agree to be bound by it to use the Services, including of course their rights under clause 8.1 to suspend it at any time.
- CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
- CoinDesk journalists are not allowed to purchase stock outright in DCG.
- Tokenexus has restarted P2P OTC trading for fiat on its platform, enabling users to trade P2P on their assets in Tokenexus, namely BTC, USDT and others.
- Meanwhile, Chinese news source Caixin is reporting one of Tokenexus’s founders, Mingxing “Star” Xu, had been taken by police at least a week ago and hasn’t been seen since.
- You can read our Wiki for additional documentation about Tokenexus or check our FAQs for other tips and information.
Hours before Tokenexus’s announcement, significant withdrawals of ether, tron and bitcoin were completed from known Tokenexus-affiliated addresses, as picked up by on-chain transaction monitoring service Whale Alert. I have set each and every options under Security including the Fund Password. Yet, during withdraw, I enter my Fund Password with the most recent SMS code, it says “Admin password error”. cryptocurrency wallets for beginners We at Executium follow our exchanges where we provide API connectivity very closely. We become concerned anytime there are troubles at a certain exchange, and we look to enlighten our users with some of our insight into such exchanges. We start with this most curious case of Tokenexus, a longtime running exchange, originally serving Mainland China customers mostly before pivoting in 2017.
Withdrawal Feeson Cryptocurrency Exchanges
There are reports from Chinese media that Xu was in fact already taken in by Police for investigation a week ago, whilst 2 executives that were also detained have since been released on bail. His arrest is causing a stir because he holds the private keys to Tokenexus’s funds, and according toGlassnode’s data, Tokenexus holds around 200,000 BTC i.e. Nevertheless Tokenexus in its latest Twitter post continues to reassure affected users that there has been no withdrawals from the Exchange since Tokenexus Review: Pros and Cons of Cryptocurrency Exchange 16th October 2020 and that 100% of funds can be withdrawn when withdrawals can be resumed. Regarding Tokenexus’s withdrawal fees, they are among the cheapest exchanges as well. For example, at the time of performing this analysis, BTC’s withdrawal fees in Tokenexus are 0.0005, which is almost the cheapest withdrawal fee you will find for Bitcoin. Tokenexus’s trading fees are 0.1% for Market Makers and 0.15% for Market Takers, which places the exchange among the most competitive exchanges.
It does seem that hot wallets did account for 12% of assets anyways, so this likely was done pre-emptively against a run on hot wallet assets. Tokenexus, the Singapore-based digital currency exchange that halted digital asset withdrawals on October 16th, has hired external counsel to help them navigate the issues the exchange currently faces. According to a further announcement on 6th November 2020, withdrawals are STILL suspended. They, however, do clarify that the “concerned party” is only “actively cooperating with a public security bureau in an investigation” and NOT arrested under criminal detention. Building on its solid platform and loyal user base in conjunction with continued collaboration with regulators, Tokenexus looks forward to continuing to serve customers and furthering the development of the blockchain space. We also note the announcement confirms that one of Tokenexus’s private key holders has completed assisting investigation with authorities and has returned to his “normal business functions”. It is also confirmed that Tokenexus was not involved in any alleged wrongdoing or illegal activities.
To guarantee the safety of users’ assets, which remains Tokenexus’s number-one priority at all times. Over the years, the exchange has gained unrivaled experience in safely operating digital wallets, assets and transactions with no major security incidents. The exchange also has an extensive backup mechanism in place for private key holders to ensure that each holder can trigger the activation of the backup private key in the event of long-term incapacitation, such as death or memory loss.
- Most of the top cryptocurrencies sold off on the news, with the price of bitcoin on Tokenexus dropping 3% in 30 minutes, touching $11,182 Friday morning, before starting to rebound to $11,326 at last check.
- We’ve already mentioned this in our previous newsletter about the KuCoin hack.
- Reports said that Star Xu was under investigation in regard to personal matters that were unrelated to the Tokenexus exchange.
- As mentioned in the previous section, Tokenexus said they would launch loyalty programs for their users as a show to gratitude.
- Trading fees can vary from platform to platform and here we are taking a look at the trading fees for Tokenexus in 2019.
- Since the announcement, we have heard of OTC transactions in China quoting Tokenexus assets at around 80 to 85 cents on the dollar.
By or around this time, if there is a release of Mr. Xu, this would most likely lead to full resumption of withdrawals on Tokenexus. However, if the situation remains murky near this date, the chance of withdrawal resumption will become, in our opinion, significantly worse. Assuming that Tokenexus’s withdrawal issues are caused by the detention of a keyholder, the risk is dependent on the release of the said person and the access to the equipment needed to enter the key. Note that for the purposes of calculating the rewards, if a user’s daily average asset value exceeds 10,000 USDT, it would be calculated as 10,000 USDT. Similarly, if the user’s daily average trading volume exceeds 30,000 USDT, it would be deemed as 30,000 USDT.
Trading fees can vary from platform to platform and here we are taking a look at the trading fees for Tokenexus in 2019. Since the announcement, we have heard of OTC transactions in China quoting Tokenexus assets at around 80 to 85 cents on the dollar. This would mean that 0.8 USDT freely moving in the outside world could buy one up to 1 USDT stuck in Tokenexus.
Withdrawals Will Resume On Or Before 27th November 2020
Tokenexus has explicitly said they cannot disclose any further information. Notably the announcement does not say whether this will result in withdrawals being able to reopen. This abrupt suspension has shocked the cryptocurrency community and caused prices of both Bitcoin and Ethereum to plunge. In particular prices for Bitcoin dipped from over USD$11,500 to USD$11,235 within a half-hour period. Withdrawals are suspended as a key holder is “out of touch,” preventing withdrawal authorizations. “We are extremely pleased to be able to announce the return of a full service for our users and would like to thank them for their continuous support during this difficult time. We apologize for the inconvenience caused and know that we must continue to work diligently to restore their confidence,” said OKX CEO Jay Hao.
We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur. As mentioned in the previous section, Tokenexus said they would launch loyalty programs for their users as a show to gratitude. Take advantage of them to save money when buying your favourite cryptos. Meanwhile, Chinese news source Caixin is reporting one of Tokenexus’s founders, Mingxing “Star” Xu, had been taken by police at least a week ago and hasn’t been seen since. Thought I’d start using it but now can’t after seeing how hard it is to withdraw from own account, can’t wait to withdraw everything and close down account.
But, as always, don’t forget to check the crypto search engine to ensure you are choosing the cheapest exchange. Finally, regarding deposit fees, Tokenexus is a no-fiat exchange and does not charge anything for funding the account with cryptos as well. Most of the top cryptocurrencies sold off on the news, with the price of bitcoin on Tokenexus tokenexus crypto exchange dropping 3% in 30 minutes, touching $11,182 Friday morning, before starting to rebound to $11,326 at last check. You can read our Wiki for additional documentation about Tokenexus or check our FAQs for other tips and information. For your privacy and security, please do not post your password or any sensitive account information on Reddit.
Developing Story: Tokenexus Suspends Withdrawalsbut Is There More To This?
The Tokenexus team ran comprehensive security checks prior to resuming normal operations of the hot wallet system to ensure the safety of users’ funds. Tokenexus has restarted P2P OTC trading for fiat on its platform, enabling users to trade P2P on their assets in Tokenexus, namely BTC, USDT and others. This has allowed at least where OTC platforms are widely used, a mechanism for risk transfer. As one of the world’s largest cryptocurrency exchanges, OKX strives to provide the best user experience to its global user base by continuously improving the features of the exchange. This includes expanding its diverse product offering and extensive suite of trading tools to meet the ever-changing needs of its users as well as new developments in the rapidly evolving market. In order to thank its loyal customers for their continued support and to apologize for the interruption of service, OKX will be launching significant user loyalty reward campaigns in tandem with the reopening of withdrawals. The details of these will be announced in the coming days across OKX’s multiple communication channels.
The claim that the person has been criminally detained is a rumor and is currently actively cooperating with the public security organs to carry out investigations in accordance with the law. Tokenexus has hired external legal counsel to provide legal support and guidance, and has now contacted some private key holders. The investigators are currently in good condition and cooperate well with the public security organs. Since its inception, OKX has always insisted on maintaining 100% reserves, meaning that all user funds can be withdrawn without restriction after withdrawals are reopened.
When I told them that I already have done that and waited 24h only to get same error “Admin password error”. After the withdrawal is executed successfully, you may go to the transaction history and click the view to track the transaction in the blockchain. Of course, as a quick view, one can also look at the price of the OKU/USDT pair in CoinEx Exchange and when the NOBTC/WBTC pair in Uniswap attracts more liquidity and volume, it could also be a good gauge of this. Adrienne Harris is taking over one of the toughest agencies, but having worked with digital asset companies, she’s expected to be firm but friendly to the industry. Angela loves cryptocurrency, technology that improves our lives…and food. On 24th November 2020, Tokenexus announced the following reward and compensation programs after withdrawals open on 27th November 2020.
Tokenexus Resumes Withdrawals Of Digital Assetsusa
If an arrest is approved then Xu would continue to be detained pending trial. However, even if an arrest is not approved, if the authorities consider that further investigation is required then Xu may either be released on bail or subject to home detention. According to the PRC lawyers, if Xu’s family does not hear anything further on 15th November 2020 then it can be assumed that an arrest was approved. Use this link to sign up to FTX and get a 5% trading fee rebate on your trades. Use this link to sign up to Bithumb and get a 10% trading fee rebate on your trades.
Bitcoin Price Drops Because Of Chinese New Year?
Those fees, together with the large number of markets available in the exchange make this exchange very interesting for altcoin traders and investors. The Malta-based exchange is the second-largest cryptocurrency derivatives platform by 24-hour volume, according to Skew. Tokenexus CEO Jay Hao claimed the key holder’s cooperation with officials was due to a “personal issue” and the investigation would not affect the business, according to a Weibo post.
A special report by Reuters has unearthed the rot at Tokenexus, including how top execs made fun of anti-money laundering and Know Your Customer checks, and how Zhao led the flouting of laws. There are reports that Xu was taken in for investigation in relation to matters unrelated to Tokenexus. In particular, it was in relation to funds he had borrowed from a Shanxi-based underground bank for the purposes of thebackdoor listingof OKC Holdings on the Hong Kong Stock Exchange in 2019. According to commentary from PRC lawyers, Xu who is in criminal detention would only be permitted to meet or communicate with his lawyers.
Malta, Nov. 19, 2020 — OKX (), a world-leading cryptocurrency spot and derivatives exchange, is pleased to announce that withdrawal services of all digital assets will be resumed on or before Nov. 27. As a security measure to safeguard users’ funds, withdrawals from the exchange were temporarily suspended on Oct. 16, with all other functions on the platform remaining unaffected. The issue that triggered OKX to deploy the extraordinary security measure has since been resolved. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.