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OKEx to resume withdrawals next week with promises of 100% reserves

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Major cryptocurrency exchange OKEx is finally resuming withdrawals of customer assets after weeks of waiting.

The exchange first suspended withdrawals on Oct. 16, a decision that subsequently rocked crypto markets. 

According to today’s announcement, full customer withdrawals will resume on or before Nov. 27. OKEx will conduct security checks to resume hot wallet operations and ensure that user funds are safe.

OKEx claims that user funds are covered by 100% reserves and therefore, “can be withdrawn without any restrictions after withdrawals are reopened.”

Resumed withdrawals will coincide with a user loyalty reward program as a way for the exchange to apologize for the extended freeze on user funds. Details regarding the program will be released within the next few days.

Today’s announcement elaborates on why the exchange initially decided to freeze withdrawals, stating that one of its private keyholders “has completed assisting the authorities in a previously referenced investigation.”

As a result of their participation in the investigation, the individual was reportedly unable to authorize transactions within the exchange’s hot wallet system. OKEx states that it has a contingency plan for private hey holders that triggers a backup key in the case of death or memory loss, however:

“We unfortunately failed to include other specific scenarios, such as private key holders becoming unreachable due to unforeseen circumstances into our contingency plan. In this specific incident, therefore, the ultimate resolution for the private key holder’s short-term incapacitation was not a technical one.”

The exchange maintains that it was not involved in any illegal activities. Following the initial suspension, reports started circulating that OKEx founder Mingxing Xu was under investigation by Chinese authorities.

Just hours before OKEx stopped withdrawal, crypto transaction monitoring service Whale Alert reported a number of large transfers between OKEx and unknown wallet addresses: one transfer of 1,180 Bitcoin (BTC) was followed by another of 3,500. At the time, the combined transactions were worth about $53.2 million.



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Enjin joins Crypto Climate Accord, goes carbon negative

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Enjin, a blockchain gaming and nonfungible token platform, has stepped up to decarbonize its footprint by joining the Crypto Climate Accord, a move that adds further credibility to the industry’s growing environmental mandate. 

The Crypto Climate Accord is backed by 20 firms from the blockchain, fin-tech and greentech industries. Inspired by the 195-signatory Paris Climate Agreement, the Accord was established in April to address the “large and growing energy consumption of cryptocurrency and blockchain, and the climate impact of their energy use.”

Enjin claims that its JumpNet blockchain has already achieved carbon-negative status nine years ahead of schedule. In March, the company said it planned to enable carbon-neutral NFTs by 2030.

“The creation of new forms of technology should never come at the cost of destroying our environment,” said Enjin CEO Maxim Blagov. “Carbon neutrality for JumpNet is an important step toward our vision of a sustainable NFT ecosystem for Enjin and our partners.”

In addition to decarbonizing newly created tokens, Enjin’s environmental sustainability plan includes supporting the tokenization of the physical economy and decarbonizing existing digital assets. Other measures include upgrading to carbon-neutral nodes and incentivizing carbon reduction technologies.

Environmental concerns have virtually hijacked Bitcoin’s narrative this year, with the likes of Elon Musk casting shade over carbon-intensive mining. The Tesla CEO briefly embraced Bitcoin earlier this year before deciding that BTC payments are no longer acceptable due to environmental risks. Now, he states that his firm is willing to accept payments of the virtual currency, provided there’s more evidence for sustainable mining.

Related: Elon Musk lays out when Tesla will begin accepting Bitcoin payments

Other environmental sustainability efforts within crypto are also underway. As Cointelegraph reported, Tyler and Cameron Winklevoss’ Gemini exchange has purchased carbon credits to reduce Bitcoin’s carbon footprint. Separately, U.S. miner Stronghold Digital Miner recently announced that it raised $105 million to divert waste coal to cryptocurrency mining.