Cryptocurrency Scam: Crypto exchange IDAX restricts access and locks up cold wallet as CEO goes missing
A China-based obscure cryptocurrency exchange named IDAX has said its “global CEO has gone missing” and asked customers to stop using its services. The exchange said in an urgent notice on Friday that its chief and founder, Lei Guorong, has been missing for unknown reasons for five days. The company said the CEO has allegedly not been in contact with any employees since November 26, 2019.
Founded in 2017, IDAX is the only cryptocurrency exchange based in Mongolia, with its main office located in the GBC High-Tech Industrial Park in Ulaanbaatar. According to CoinMarketCap, IDAX exchange has volume of nearly $800 million in the past day. Then on November 23, IDAX posted an announcement on their website claiming that a high volume of “withdrawal request traffic” has congested the platform and asked for user’s patience. Shortly after, the exchange announced it would no longer provide service to users in China for “policy reasons.”
Below is the complete message:
Following the official announcement “Announcement of IDAX withdrawal channel congestion” on November 24, We announce Urgent notice about current situation of IDAX Global.
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.
IDAX Global is doing its best to try to grasp variety of news and current situation exactly including rumor on internet community.
IDAX Global is drawing up an emergency plan about platform services including deposit/withdrawal service so it is recommended that you refrain from using our all platform services. We are really sorry for this situation and for all damaged users who love IDAX.