After the recent ICO and crypto trading ban in China, the crypto market penetration has loosen in the country. Few days back China announced that it was going to ban the ICO's conducted within Chinese Borders. With this news got viral, the crypto market received a huge blow and most of the alt coins fell effective immediately. After a few days, China also announced that it was going to ban the crypto trading as well.
Due to this announcement, the major exchanges in China, namely BTCC, Huobi and Ok Coin exchange announced that they would close all the trading activities w.e.f 1 October 2017.
Now, today is 3rd October 2017 and all these exchanges have halted all the crypto trading operations.
But even after this, a news have come recently that Ok Coin Exchange (OKEx) was hacked and hackers transferred a whopping $3 Million from the accounts of Individual investors.
Basically on 28th August, users complained that their account were acting weirdly, sometimes it opens and sometimes it was showing error. But after their account got hacked, those users detected that their account was accessed using a German IP and the hackers immediately cancelled all the trading orders and transfer their BTC to an anonymous BTC address.
One user complained for the loss of 200 BTC, approximately $750K
Some other users have also complained the similar activities but they ignored it initially but panicked when their account showed zero balance.
Now, total $3 Million have been hacked until now from OKEx users accounts.
Now, as per their complains, OKEx replied that all these security issue was from users sides and hacker hacked their individual accounts and it had nothing to do with OKEx security. OKEx refused for any compensation against this theft.
After hearing this flat refusal, the victims turned their head to the Police. But unfortunately, after China ICO and crypto exchange Banning, the police is not taking this matter seriously as the crypto is no longer remain a legal tender in the country.
So, basically in the end, victims are helpless in China. And this is the case for everyone who have been robbed of cryptocurrencies after China cryptocurrency ban.
Now, the ban is in full effect, the Chinese traders and investors can transfer their crypto holding to other international or US based exchange and trade over their exchange until the China's Ban lifts.
Conclusion: Users should keep their account safe whether in Banks or cryptocurrency Exchanges. We all know that cryptocurrency exchanges are the main target of hackers, so in order to keep your investment safe, use proper security tools and maximum security layer for the safety of your accounts.
Only Invest after proper research and using your own diligence as the crypto market is full of scams, hacking and conspiracies. Please be safe and trade safely.
Thank you.
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