Rumors and conspiracies are flying everywhere. The real reason why OK cannot withdraw money is analyzed

More than a week has passed, and OK still has not opened withdrawals, and Xu Mingxing has not made any moves. Every day there are new rumors and conspiracies. What is closer to the truth? We can only infer from some relatively accurate information.

First, the possibility of official information being false is relatively small. Once the information disclosed by the police is exposed, it will be very embarrassing. The OK official will not take this risk, so it is more like the old saying: "Don't tell all lies, and don't tell all the truth."

Secondly, Wu said he also summarized information from friends who were relatively close to OK executives, extracted some relatively unified and reasonable information, and then combined it with the information released by the above-mentioned different official channels to make judgments.

OK official made several decisions last week, the most important of which was the opening of the fiat currency channel on the evening of October 21, allowing deposits and withdrawals in RMB.

This behavior confirms one point, that is, OK's earlier statement that the investigation had nothing to do with OKEx's money laundering may be true. There are many rumors in the market that there are problems with OK's self-operated OTC. But if it is OKEx's fiat currency deposits and withdrawals that are being investigated, the police will not allow it to be reopened in a short period of time.

On the other hand, as a kind of "gambling", the price of USDT on OKEx has largely become an index of confidence in the current situation. The current price is around 5.23, 20% lower than the normal price. The longer the withdrawal time is delayed, the lower the price will be; on the contrary, if positive information is released, the price will rise.

OKEx official staff also had some interesting responses. On October 25, OKEx spokesperson Xu Kun said, "There are many rumors in the market, which confuse everyone, especially some speculations about the withdrawal time. The most basic premise is wrong , so please don't blindly believe them. We have not released more information to you at present, out of consideration for the overall situation ."

What is the false premise? What is the big picture?

Previously, the outside world speculated that the withdrawal of coins was not allowed. Most people believed that Xu Mingxing controlled the private key and could not be contacted, so the withdrawal of coins was not possible. Subsequently, Binance and Huobi also took advantage of the popularity, emphasizing their own multi-signature and conducting multiple founder disappearance drills.

Wu said that the incorrect preconditions for withdrawing money that Xu Kun referred to were probably referring to the issue of "Xu Mingxing controlling the private key". Wu said that blockchain also learned that Xu Mingxing did manage the private key in the early days of OK, but since 2018, it has not been entirely operated by Xu Mingxing. For example, Li Guangpeng, who is known as the president of OK, is the financial steward and has the power to operate. The "several executives have been released on bail" reported by Mars Finance is likely to refer to Li, and Li is not the only one who has the power to operate.

Another message was sent by Jiu Mei, the most active business person at OK. In response to the issue of "Xu Mingxing refuses to withdraw his currency", Jiu Mei said: "It has nothing to do with him. There is force majeure and we can't solve it now, so we are still discussing the plan."

Combining the evidence from Xu Kun, Jiu Mei and some third parties, the answer is very clear. It is most likely not that the money cannot be withdrawn without the celebrity Xu, but that the police have frozen the withdrawal of money for the investigation, and there is currently no solution or timetable.

Wu said blockchain learned that after some investors consulted the Shanxi Luliang police, the other party also gave a reply that it was "under investigation". As for what the police are investigating, there are rumors that it is an underground bank money laundering case, and Xu Mingxing is involved. Xu Kun's "out of consideration for the overall situation" to some extent means that disclosing more information at this time may affect the police investigation and lead to more variables.

So the question is, if Xu Mingxing is personally involved, why is OK not allowed to open withdrawals? A reasonable inference is that the funds of the cryptocurrency accounts suspected of money laundering are circulating within OKEx, so the cryptocurrency accounts need to be frozen for investigation. As for how long the investigation will take, no one knows, and it is not optimistic to expect it to be completed in a short time.

Finally, Wu said that blockchain wants to say that reality often has multiple aspects. Reasonable explanations may appear in 99% of parallel worlds, but we may never know whether the one that appears in this world is the less reasonable explanation of the 1%. Readers can search for conspiracy-filled statements such as "blackmail theory" and "internal fighting theory" by themselves. In short, in the context of China's crackdown on money laundering and the lack of laws to rely on for cryptocurrencies, the sword of Damocles is actually hanging over every angle of the industry.