IDAX Platform: Stop deposit and withdrawal of cryptocurrencies after CEO disappears

Days after stopping deposits and withdrawals on IDAX crypto trading platform.

The platform revealed that the CEO of the platform has disappeared and will therefore extend the period of suspension of deposits and withdrawals within the platform.

It should be noted that the IDAX platform has faced a number of negative news over the past few months.
A few days ago, the platform announced that it had discontinued its services in China due to “regulations”.
However, some clients have encountered obstacles in withdrawing their currencies in recent days.
While it is still unclear what can happen to user funds inside the platform.
However, the negative impression spread within the crypto community, and many began to mention that it is a new fraudulent process in the world of crypto.

This was announced after the suspension of its services in the United States and Canada due to strict regulations.

Of course, withdrawal from these large markets may have a severe impact on the business of the IDAX platform.

Many users have started withdrawing their money and moving it to personal portfolios or other trading platforms.

Rumors of the real reason for stopping deposits and withdrawals continued until IDAX revealed today that the main reason was that the CEO of the platform and IDAX Global had disappeared and were not accessible to employees.

The platform stated:

"Since we have announced the announcement on November 24, IDAX Global CEO have gone missing with unknown cause and IDAX Global staffs were out of touch with IDAX Global CEO. For this reason, access to Cold wallet which is stored almost all cryptocurrency balances on IDAX has been restricted so in effect, deposit/withdrawal service cannot be provided".

The announcement did not say whether the platform would resume operations in the future and did not set a date for the availability of deposits and withdrawals for cryptocurrencies within the IDAX platform.