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Crypto Exchange IDAX CEO AWOL Along with Cold Wallets

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An obscure cryptocurrency exchange named IDAX has said its “global CEO has gone missing” and asked customers to stop using its services.

On November 24th, IDAX revealed that it would no longer serve its Chinese clients due to “policy reasons,” but will continue serving users in “other countries.” This was a surprising announcement, for sure, but as the company asserted that it would maintain service for its clients in permitted regions.

The exchange said in an urgent notice on Friday that its chief, whose name was not provided has been missing for unknown reasons for five days. As a result, the exchange said the access to its cold wallets that store almost all the crypto assets on IDAX has been restricted and deposits and withdrawals are not allowed.

The announcement comes just days after the exchange notified users on Nov. 24 about congestion holding up deposits and withdrawals and that it would no longer provide services to China-based users. It’s not clear what quantity of assets are in the firm’s custody.

The Global IDAX staff haven’t been able to make any contact with the global CEO. Nobody has a clue why the CEO has vanished or where they’ve gone. In the last 24 hours, IDAX has apparently serviced over $500 million worth of Bitcoin transactions. The exchange stated that it is trying to grasp the situation and is already making an emergency plan regarding the deposits/withdrawals service.

IDAX was purportedly based in Shanghai; The Shanghai branch of China’s central bank, the People’s Bank of China (PBoC), revealed that it is still against the propagation and adoption of cryptocurrencies in its jurisdiction.

In a statement from the PBoC, it was stated that authorities have observed a resurgence in cryptocurrency-related speculation through ICOs, IEOs, STOs, and other capital-raising/token distribution methods.

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