IDAX’s CEO Vanishes With the Cold Wallet of the Cryptocurrency Exchange

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

IDAX's CEO Vanishes With the Cold Wallet of the Cryptocurrency Exchange

  • The IDAX served about $500 million worth of bitcoins. Comparing the same with the top-ranked exchange.
  • The value of cryptocurrency held in the cold wallets is also not revealed by IDAX.
  • The exchange itself seems to be in a panic because of the unexpected disappearance of the CEO.

The IDAX exchange comes with a striking announcement about its global CEO goes missing.  Following the same, the transactions, deposit services, and the withdrawal facilities had been halted as the staff of the exchange were not able to contact the CEO.

The Reason for the sudden vanishing has not been revealed and IDAX seems to have got puzzled as it says that it is still trying to look into the situation to understand what is exactly going on.

In the past 24 hours, the IDAX served about $500 million worth of bitcoins. Comparing the same with the top-ranked exchange, BitMEX, the latter is reported to have served bitcoins worth $2 billion.

The exchange reports that it is working on an emergency plan which maybe even severe for all the users using the platform for now. Thus it is strongly advised to all the users to presently refrain from using the platform for any transaction or deposit.

The value of cryptocurrency held in the cold wallets is also not revealed by IDAX but the official announcement claimed that the cold wallet had ‘almost all’ the cryptocurrency balance.

The official statement about the restriction of the wallet says

“almost all cryptocurrency balances on IDAX have been restricted”

For now, any of the parameters regarding the emergency plan is not thrown light upon. The date about initiating it is also concealed. The exchange has not given any hint on the duration the emergency will be applied for and the expected time when the services will be back as before.

The exchange itself seems to be in a panic because of the unexpected disappearance of the CEO. The story may be familiar to the one of Gerald Cotten, CEO of QuadrigaCZ, a Canadian cryptocurrency exchange. The CEO passed away with the private keys of the company and about $134 million worth of cryptocurrency. The recent story if resembles the same, the exchange IDAX will face an extremely tough time with very fewer chances of revival.

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