BitCoke has suspended withdrawals!

Recently, a Wu Blockchain account posted that Hong Kong-based cryptocurrency exchange BitCoke has suspended withdrawals.

The problem started when its users reported having difficulty with withdrawals.

BitCoke released an announcement saying that the person responsible for the funding was cooperating with Public Security in an investigation and could not provide authorization for the private key.

Hence, BitCoke suspended withdrawals on November 13th, at 1pm HKST.

The BitCoke case is surprising, as it revealed in May of this year that it had raised $20 million in a private round.

The financing deal was reached with a group of investors led by Huobi, which also includes other prominent institutions such as Redline DAO, Krypital, LD Capital, Hotbit and many others.

A month later, the company announced the launch of BitCoke Ventures, its investment arm, and a $300 million investment fund to enhance connectivity with exchanges.

As is known to my followers of the crypto market, last week was a chaotic week that witnessed the collapse of the FTX empire and the removal of the founder of the company.

FTX suspended withdrawals earlier this week, although some customers in countries such as Turkey, Japan and the Bahamas were still able to withdraw on Friday.

On Thursday, the US subsidiary FTX notified users that it may suspend trading soon, but said withdrawals would not be affected.

Binance then removed the FTT trading pairs and announced that it would remove FTT from some of its products such as “Simple Earn” and its margin contracts and perpetual contracts to protect users.

It also told Binance that it will stop trading FTT pairs with BUSD, USDT and BTC on margin platforms starting yesterday, November 13th at 11:30AM UTC.