Major crypto exchange OKEx says it has lost contact with one of its private key holders
Bitcoin’s price fell nearly 3% in early trading on Friday, October 16, sliding to around $11,200 on many exchanges.
The drop followed an announcement from crypto exchange OKEx informing customers that all cryptocurrency withdrawals would be suspended beginning at 11:00 a.m. Hong Kong time.
The exchange said the withdrawal suspension is related to an ongoing investigation involving one of its private key holders, who is “currently cooperating with a public security bureau.”
OKEx added:
“We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.”
Other functions on the platform remained operational, and the exchange reassured users that customer funds were safe.
OKEx is one of five major exchanges that together hold nearly 10% of Bitcoin’s circulating supply. The news of a police investigation at a leading platform comes shortly after U.S. authorities filed charges against derivatives exchange BitMEX, underscoring regulatory scrutiny across the industry.
BTC/USD
At the time of OKEx’s announcement, Bitcoin was trading above $11,500. The sharp decline, however, pushed BTC/USD below the 10-day and 50-day simple moving averages on the hourly chart.
Currently, Bitcoin is struggling to build upward momentum. Despite briefly reaching $11,362 within the last hour, bulls were unable to sustain gains. BTC/USD is trading around $11,221, remaining below both the 10- and 50-period SMAs.
The daily RSI is trending downward, suggesting additional downside risk. If sellers press lower in upcoming sessions, the 100-period SMA near $10,800 represents a key support area. That level has been significant for both bulls and bears, marking multiple rejections during the recent recovery from $10,200 lows.
With resistance near $11,150–$11,350 limiting upside, preventing a fall below $10,000 is a primary goal for bulls. Holding above $10,000 would also extend Bitcoin’s running streak of days above that threshold, as well as days above $11,000 since inception.
According to data shared by Andre Martinez of Dalpha Capital, Bitcoin spent roughly 30% of days in 2020 above $10,000 and about 15% of days above $11,000.
