TRON Foundation ends compensation program for OKEx users

On October 22, the TRON Foundation announced the termination of its TRX funds-recovery program for OKEx users, after the exchange blocked the organisation’s accounts.

(1/3) ?Following the release of this announcement, @Tronfoundation and Justin Sun will stop the 1:1 $TRX withdrawal service for @OKEx users. The team will follow up on funds that have been transferred but not processed yet.https://t.co/YhZA3iwoFX

\n

— Justin Sun? (@justinsuntron) October 22, 2020

“Following the publication of the unrestricted withdrawals announcement, OKEx blocked the official TRON account. When we created a second account, the exchange blocked that one as well, so transfers through it did not go through,” said the TRON Foundation.

“According to them, OKEx’s hard stance could lead to tighter restrictions for the organisation. As a result, the TRON Foundation has halted token withdrawals.”

The team will continue to monitor funds that have been transferred but not yet processed.

In two days, the TRON Foundation helped 20 users withdraw 11 million TRX (over $289,000) to external wallets.

OKEx paused withdrawals on October 16 after one of the private key holders stopped responding.

Local media reported the arrest of OKEx and OKCoin founder Star Xu.

The exchange also denied reports of large transfers after the withdrawals were halted.

On October 21 OKEx resumed P2P trading of fiat currencies, but restricted internal transfers for some users.

Follow ForkLog news on Twitter: Twitter.