China: Crypto Exchange IDAX Locks up Cold Wallet as CEO ‘Goes Missing’
William Suberg's original article for cointelegraph.com reduced by 77%
Chinese cryptocurrency exchange IDAX has suspended deposits and withdrawals after its CEO allegedly disappeared. In a blog post on Nov. 29, IDAX, which earlier this week warned it was seeing a run on withdrawals, said the whereabouts of Lei Guorong were currently unknown.
"Since we have announced the announcement on November 24, IDAX Global CEO have gone missing with unknown cause and IDAX Global staffs were out of touch with IDAX Global CEO," it reads. "For this reason, access to Cold wallet which is stored almost all cryptocurrency balances on IDAX has been restricted so in effect, deposit/withdrawal service cannot be provided." IDAX did not directly link Lei with cold wallet access, nor did it suggest that users' money was specifically at risk. The debacle follows a contentious period for cryptocurrency in China after authorities doubled down on the country's 2017 trading ban last week.
IDAX stopped serving Chinese users at the start of the week.
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