DragonEx crypto alternate suspended deposits and withdrawals of all digital currencies on its platform as a consequence of points triggered by OKEx
DragonEx crypto alternate suspended deposits and withdrawals of all digital currencies on its platform as a consequence of points triggered by OKEx’s ongoing withdrawal freeze.
In an official announcement on Oct. 21, DragonEx mentioned that the OKEx freeze triggered a “disaster of belief” in centralized exchanges amongst its clients, which in flip fueled a run on funds and deteriorated the platform’s service.
DragonEx is now engaged on a restructuring plan as a way to resume deposits and withdrawals on the platform. The corporate’s representatives mentioned that the alternate must shut down if they do not handle to efficiently reorganize by Nov. 2, 2020.
The alternate additionally talked about that the alternate suffered a large-scale hack in March 2019, costing over $7 million in consumer losses. The corporate’s executives wrote that after greater than a 12 months of onerous work, the stolen property haven’t been recovered.
Information of DragonEx’s impending closure comes shortly after OKEx partially resumed some companies on its platform after suspending withdrawals on Oct. 16. On Oct. 21, OKEx introduced that it’s resuming its peer-to-peer digital foreign money alternate companies with three fiat currencies just like the Chinese language yuan, the Indian rupee and the Vietnamese dong.