Chinese exchange OKEx suspended 100% of crypto withdrawals on October 16 after one of its founders, Xu Mingxing, was taken away by police for questioning this past Friday. The investigation collapsed the exchange's token OKB by 25% (falling from $6 to $4.5) and also seems to have led to a 2.5% drop in bitcoin's price. Mingxing is one of the private key holders for the exchange and was said to be cooperating with a public security bureau over an ongoing investigation into the backdoor listing by OK Group in Hong Kong called European Group in 2019 and is not directly related to the exchange's withdrawal issue. Xu was also arrested in 2018 due to possible connections to an obscure cryptocurrency project called WFEECoin, and it's unclear if this arrest is related to the same case. Before the freeze, OKEx was the second largest exchange by daily volume behind only Binance, but has since fallen to 11th place at $3 billion. This is another harsh reminder for the crypto industry in China and around the world that centralized exchanges are always vulnerable to security breaches, regulation, and political interference. Some industry insiders see defi protocols—where users have full control over their wallet keys—as the potential solution to freezes such as the one this week by OKEx. Needless to say, users are really unhappy. “It's a bit weird one of the biggest exchanges in the world isn't letting us withdraw money for so long,” said one OKEx user on Twitter. At the time of writing, assets are still locked on the exchange and CEO Jay Hao has given no timeline or stated criteria for resuming withdrawals. "We understand that the suspension of withdrawals directly impacts our users’ experience on OKEx," he said, "and we wholeheartedly apologize for this, but all other activities, including trading and deposits, remain unaffected." Presumably, withdrawals will resume again once the private key holder (Xu) is able to authorize transactions.