OKEx to Deny Hack Rumours

Exchange says there is  problem is exclusively in the displayed balance of the account, while the funds are safe
22 May 2018   392

The OKEx cryptocurrency exchange has reported on a technical issue, due to which "account balances of a few of our users are not displayed accurately".

According to the company, the problem is exclusively in the displayed balance of the account, while the funds of all users remain in full safety.

Of course, you can rest assured that your funds are safe, secured, and not affected by the recent update. We are currently fixing the issue and have suspended withdrawal service and fiat trading. A further announcement will be made after the services resume.

Please do not worry about any rumors circulating on the internet. We will continue to provide you stable and trusted services as always.

OKEx Team

The scale of the problem is still unclear, but OKEx, anticipating the spread of negative news, urged users not to worry because of rumors in the network. Some users had already reported on issue fixing.

SpaceSkittles Twitter
SpaceSkittles Twitter

We will keep our eyes on this situation and will keep our readers updated. 

Crypto Exchange White Label Service launched by OKEx

OKEx, one of the biggest exchanges in the world, has declared the run of a crypto exchange creation programme ‘Digital Asset Exchange Open Partnership Program’
20 June 2018   483

The announcement claims that the programme is intended to “nurture a new generation of digital asset exchanges”. To establish a new crypto exchange, interested parties have to provide OKEx with a domain name, logo, and specialties of the management team. They are assured to possess “solid industry experience, quest for service excellence, and strong industry influence.”

Applicants should also deposit 500,000 OKB tokens into their accounts. This equals around $2.5 million at the present rate, according to coincodex.com. OKB is a utility token that were first sold in March of this year in packages of up to 100, each costing $100. They can be applied to settle transaction fees on the exchange and traded for Bitcoin, Ethereum and Tether.

The applicants will get access to OKEx’s fitting system (which links up buy and sell orders), cold and hot wallets (offline and online cryptocurrency storage), clearing system (which handles money transfer), client support system, and know-your-customer and anti-laundering systems. They will also get support from the OKEx technical team.

100 places are suggested by the programme in its first phase. It is anticipated to start in July. The announcement also points out the setup that the new exchanges must have. They will develop their own native tokens, and distribute them as follows:

  • 25 percent to themselves;
  • 24 percent to OKB holders;
  • and 51 percent to be mined.

OKEx explains the mechanisms by which the tokens will be mined/released. The term white label was firstly invented in the music industry - a white label vinyl record was a release so new that it had not yet been labelled, a much sought-after thing. Presently it cites to a service or product manufactured by one company and sold to another for re-sale under a different brand name.