IDAX Global, a Chinese cryptocurrency exchange that trades in various digital assets, has made an urgent announcement that it is suspending all forms of deposit and withdrawal from its cold wallet following the disappearance of its CEO.
The company made this announcement in an official blog post on Nov. 29, stating that the reason behind the current disappearance of its CEO remains unknown.
This announcement came after the exchange company announced on Nov. 24 that its services would no longer be made available to Chinese users reportedly due to “policy reasons.”
The blog post stated,
Since we have announced the announcement on Nov. 24, IDAX Global CEO has gone missing with unknown cause and IDAX Global staff were out of touch with IDAX Global CEO.
The company reportedly took precautionary measures to ensure the safety of assets kept in the cold wallet by shutting down all access to the accounts, including the withdrawal and deposit of funds. Efforts are also being made to ensure that the situation is brought back under control as well as curbing the rumors flooding the internet concerning this issue.
The blog post finally advised that IDAX users should avoid making use of any of their services in the meantime. A section of the announcement read:
IDAX Global is drawing up an emergency plan about platform services including deposit/withdrawal services so it is recommended that you refrain from using our all platform services.
In a similar development just a few days ago, South Korea based Upbit, reportedly suspended deposits and withdrawal from its hot wallet. This was due to a hack that caused the exchange company a loss of approximately $50 million.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.