IDAX Global CEO goes missing

Cryptocurrency exchange IDAX Global has announced its CEO has gone missing, and the company has restricted access to its cold storage solution

Cryptocurrency exchange IDAX Global has announced its CEO has gone missing.

The company has since restricted access to its cold storage solution as it attempts to process the situation.

The shock announcement follows last week’s upheavals when the exchange revealed demand for IDAX withdrawals rose dramatically after it was pulled from the Chinese market.

A statement on the company’s website reads: “We announce (an) urgent notice about current situation of IDAX Global.

“Since we have announced the announcement on November 24, (the) IDAX Global CEO (has) gone missing with unknown cause and IDAX Global staff (are) out of touch with IDAX Global CEO.

“For this reason, access to (the) cold wallet (on) which is stored almost all cryptocurrency balances on IDAX has been restricted so in effect, deposit/withdrawal service cannot be provided.

“IDAX Global is doing its best to try to grasp (the) variety of news and (the) current situation exactly, including rumor(s) (from the) internet community.

“IDAX Global is drawing up an emergency plan about platform services including deposit/withdrawal service so it is recommended that you refrain from using our platform services.

“We are really sorry for this situation and for all damaged users who love IDAX.”

Last week’s IDAX statements in full:

On rising withdrawals: “The channel that causes the withdrawal of the mainstream currency is in a congested state. IDAX is reviewing the user’s withdrawal requirements, please wait patiently.”

On the Chinese market: “IDAX official website and app will no longer serve users in China due to policy reasons. But other countries users can use IDAX exchange.

“We apologise for any inconvenience caused to you. Please note: IDAX exchanges can continue to be used in areas other than China.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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