Cryptocurrency exchange OKEx, that recently suffered a temporal suspension of withdrawals, is working on a new transparency plan, OKEx CEO Jay Hao said in an ask-me-anything session.
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Hao admitted the recent incident highlighted several very important issues.
"It exposed some weaknesses in our internal processes, which we are now steadfast in correcting," he said.
The OKEx CEO said that an accusation of money laundering from the Chinese authorities has nothing to do with the exchange. According to Hao, the investigation "has no relation to OKEx."
Hao pointed out there were reports of on-chain transaction amid the withdrawal suspension as some wallet addresses on OKEx, that had been publicly marked by some third-party blockchain explorers and channels, were mislabeled as the exchange's wallet addresses.
He also added the exchange we will launch a new exchange transparency plan that allows users to closely monitor wallet addresses at any time in the coming months.
In November, OKEx announced a compensation program for users who have made deposits, held tokens or traded during the period in which the exchange had to freeze withdrawals. OKEx will reportedly put up to 20% of its total income from futures and perpetual swap transaction fees over the last seven weeks into an "incentive fund that will be issued as a one-time payment to users based on their assets and transaction conditions."
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