{"id":30891,"date":"2020-10-29T11:33:44","date_gmt":"2020-10-29T09:33:44","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30891"},"modified":"2025-08-28T00:32:01","modified_gmt":"2025-08-27T21:32:01","slug":"okex-denies-claims-of-using-a-single-signature-cold-wallet","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/okex-denies-claims-of-using-a-single-signature-cold-wallet\/","title":{"rendered":"OKEx denies claims of using a single-signature cold wallet"},"content":{"rendered":"<p>The cryptocurrency exchange OKEx does not rely on a single-signature cold Bitcoin wallet. Company representatives said the allegations were unfounded, which had previously appeared on one of China&#8217;s news portals, according to <a href=\\\"https:\/\/decrypt.co\/46572\/okex-denies-using-single-sig-bitcoin-cold-wallet\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">DeCrypt<\/a>.<\/p>\n<p>On October 16, OKEx announced a withdrawal halt. Initially it was reported that the private-key holder was not responding. Subsequently Chinese media reported that it could be Star Xu. A company spokesperson disputed the information, noting that the founder of OKEx is not a key holder. More at <a href=\"https:\/\/u1f987.com\/en\/news\/okex-suspends-withdrawals-media-report-founder-detained\">link<\/a>.<\/p>\n<p>Against this backdrop, the news of the use of a single signature, noticed and disseminated by Sino Global Capital chief Matthew Graham, attracted heightened interest. However, later the original source removed this information. The post on Twitter, and Graham&#8217;s, were deleted with apologies for the FUD.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">I\u2019m deleting this tweet because it may be photoshopped, I\u2019m sorry about the FUD <a href=\\\"https:\/\/t.co\/Szs4luBUgM\\\">https:\/\/t.co\/Szs4luBUgM<\/a><\/p>\n<p>\u2014 Matthew Graham (@mattysino) <a href=\\\"https:\/\/twitter.com\/mattysino\/status\/1321623856419753990?ref_src=twsrc%5Etfw\\\">October 29, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Representatives of the exchange told the publication that they are not authorised to disclose \u201cany information that could pose a threat to clients\u2019 funds.\u201d Regarding the single-signature cold Bitcoin wallet, they recommended studying the <a href=\\\"https:\/\/www.okex.com\/academy\/en\/okex-responds-to-ethereum-classic-51-attacks-reveals-its-hot-wallet-system-incident-report\\\">report<\/a> on 51% attacks on Ethereum Classic <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-classic-hit-by-another-51-attack\">in August<\/a>. It details the scheme for withdrawing funds using a \u201csemi-offline\u201d multi-signature for hot wallets.<\/p>\n<p>The report states that 95% of funds are stored in cold wallets. In the security section, it mentions the use of Advanced Encryption Standard (AES) when generating private keys. They \u201care controlled by two employees \u2013 one at the OKEx Beijing office and another in one of the cities on the West Coast of the United States\u201d.<\/p>\n<p>The withdrawal is performed as follows:<\/p>\n<ul>\n<li>An employee retrieves the corresponding number of unused encrypted private keys from a bank vault near the office;<\/li>\n<li>They scan the keys\u2019 QR codes on two separate offline computers;<\/li>\n<li>The holder of the AES master password decrypts the private key on a fully air-gapped computer;<\/li>\n<li>The QR code is scanned on another air-gapped computer;<\/li>\n<li>The transaction is signed on yet another computer offline;<\/li>\n<li>The transaction signature is transferred to the online computer via a USB drive.<\/li>\n<\/ul>\n<p>As of writing, it remains unclear when withdrawals will resume.<\/p>\n<p>As reported earlier, blockchain developer Zulu Republic, in collaboration with liquidity provider Alameda Research and the Whalepool trader community <a href=\"https:\/\/u1f987.com\/en\/news\/institutional-investors-were-offered-a-paid-service-to-withdraw-bitcoin-from-okex\">proposed<\/a> institutional withdrawal service for OKEx.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange OKEx does not rely on a single-signature cold Bitcoin wallet. Company representatives said the allegations were unfounded, which had previously appeared on Chinese news portals, according to DeCrypt.<\/p>\n","protected":false},"author":1,"featured_media":30892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,1291],"class_list":["post-30891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-okx"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=30891"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30891\/revisions"}],"predecessor-version":[{"id":30893,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30891\/revisions\/30893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/30892"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=30891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=30891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=30891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}