OKEx Denies Rumors Of Keeping Users' Assets In A Cold One-Signed Wallet

After the arrest of one of the founders of OKEX and the suspension of the withdrawal of funds, Rumors appeared, that the exchange stores user assets in a cold wallet with one signature. However, the company denies this.

The press service of the OKEX exchange reported to the industrial media, what Information published on the Jinse Caijing website regarding the storage of crypto acts of the exchange users in a cold wallet with one signature, Unbelievable.

Recall, that the founder of the exchange Xu Minsin (Xu Mingxing), was detained by the Chinese police at the beginning of this month, After that, the withdrawal of crypto activists from the exchange was suspended due to the "inaccessibility" of one of the holders of closed keys.

The press secretary said, that it cannot "disclose any information, since this can jeopardize user assets ". He also did not report, when will the withdrawal of funds be resumed. The publication from the Jinse Caijing website was deleted.

To the question, Does OKEX Wallet use one signature, The press service referred to the attack report 51% на Ethereum Classic, which describes in detail the process of removing crypto assets from the exchange, Including the use of "semi -autonomous multi -signatures" for hot wallets.

According to the report, 95% money is stored in cold wallets. The page with a detailed description of the safety of the cold wallet indicates, that when generating closed keys, the ADVANCED Encryption Standard password (AES) “Controlled by two exchange staff” - one in the OKEX office in Beijing, and others in the city on the western coast of the United States.

To withdraw crypto assets, the employee visits the “Bank safe next to the office and extracts the required number of unused encrypted closed keys”. Then he scans the QR code of the keys on two separate autonomous computers. After that, "the owner of the main password AES deciphens a closed key on a fully autonomous computer".

The last step is “signing a transaction on another completely autonomous computer. After that, the transaction signature is synchronized through the USB carrier with a computer, connected to the Internet, and transmitted to the network ".

Recall, that last month Chinese police began investigating an over-the-counter cryptocurrency trader for his involvement in a deal with $73 500, obtained illegally. It is assumed, that the funds were originally deposited on the OKEX exchange.