OKX suddenly drastically limits withdrawals#
Recently, the famous cryptocurrency exchange OKX (formerly OKEx) suddenly changed its withdrawal rules several times to restrict users from withdrawing their assets.
The withdrawal limit for KYC 1 users was secretly modified at least 5 times within a month, from 200 BTC/day to 5000 USD/ Lifetime.
Several changes were made without any prior announcement or notice, without giving users any time to choose or opt out, and without any explanation afterwards.
OKX doesn't need KYC?
No, they lure you to fund your account and then use your assets to force you to do KYC
Why is this noteworthy?#
In the recent past, OKX $SUI went down with new trades and the scam $xirtam, which was pushed by many KOLs, ran away... OKX's rule changes seem to be nothing compared to this.
Luring users in with tempting conditions and then secretly changing them is contract-breaking and fraudulent.
Holding users' assets hostage and forcing them to agree to a new agreement is blackmail.
How can users trust their assets to OKX, one of the top exchanges in the industry and a huge commercial company, with such contempt for the spirit of contract?
Note:
Terms of service (often abbreviated as TOS or ToS) is a contract between a service provider and a user .
The service provider is obliged to inform the user in advance of any changes to the TOS and to give the user time to choose between "agreeing to the new terms and conditions and continuing to use the service" or "not agreeing to the new terms and conditions and taking back their assets and not continuing to use the service".
Timeline#
Initial version of withdrawal rules#
Date：Before 2023.03.14
TOS：
We can see that the 24h withdrawal amount is：
KYC Level 1, the limit is ≤ 200 BTC
KYC Level 2, the limit is ≤ 500 BTC
First sneak revision#
Date： 2023.03.14
TOS：
On 2023.03.14, OKX secretly changed the 24h withdrawal limit to:
- KYC Level 1, the limit is ≤ 50w USD.
- KYC Level 2, the limit is ≤ 100w USD.
Even now, OKX's TOS still shows this.
Second, Third and Fourth secret revisions#
Date： Unkown (2023.03.14 ~ 2023.04.21 )
TOS： Unkown（Restrictions can only be seen when withdrawals are made）
Between 2023.03.14 and 2023.04.21, OKX has changed the withdrawal limit at least three times:
- KYC Level 1, 50w / Day -> 20w /Day-> 10w /Day -> 10w / lifetime
Lone evidence does not stand, and twiiter user @gjs_waiting mentioned these changes when he defended his rights on 4.28.
However, after he uploaded the information and withdrew the assets, the push was deleted and he did not have time to archive it.
Fifth sneak revision#
Date：Unkown ( No later than **2023 .04 .26 **, 5:28 AM)
TOS： Unkown（Restrictions can only be seen when withdrawals are made）
The limit is amended to:：
- KYC Level 1, 10w / lifetime -> 5k / lifetime
The first known users to notice the change are:
The earliest known victims of this change:
The earliest known victims of this change in English speakers :
OKX reviewed by james on 4/27/2023
archived 5 May 2023 01:31:21 UTC
Fraud#
Please note that as of 2023.05.05, the limits stated in the TOS on the OKX website are still updated from the 1st change, and the next 4 changes cannot even be found in the TOS.
It is also worth mentioning that as of 2023.04.29, if you are a new user who has not yet authenticated, you will see an indication in both the TOS on the OKX website and in the App that
- KYC Level 1, 50w / Day
And once you have authenticated and charged the money in and want to withdraw it, only then do you find that the limit becomes:
- 5k / lifetime
(As of 2023.04.29, the 5k / lifetime limit reminder in the OKX app is only displayed for those old users who have registered and authenticated themselves ready to withdraw their property.)
This is undoubtedly FRAUD.
The following is some of the evidence left by the victims at the time:
Victim1#
Victim2#
Victim3#
OKX's Attitude#
- Numerous victims went to the OKX founder@star_okx Twitter account to question them, but they were all hacked.
- The official OKX customer service was also very arrogant and offered several options if they wanted to get their assets back:
- hand over more private and biometric data and force verification (which may not be granted)
- contact their "specialists", provide more private data through strange channels such as QQ, and record a highly humiliating video in which you assure them that you are a good person, and then they will consider allowing you to get your money back
In human terms their attitude is:
I have your Coins, hand over your face data if you want it back or the money is mine"
What is this if not BLACKMAIL?
What do other Crypto Exchanges do?#
- Binance used to change the kyc rules in 2021 with 2 months' notice, after the new rules were implemented, people with low kyc levels could not trade, but could withdraw cash
- Bybit will ban users with low kyc ratings on May 8, 2023, but will not affect withdrawals from existing users, with at least two weeks' notice to the media notice
Progress#
Users simply want OKX to:
- Provide an explanation and apology for the incident
- give affected users the opportunity and time to opt out
is already so difficult.
Some Reddit users have contacted some of the lawyers involved in suing FTX, as well as other victims preparing to sue OKX:
Related Media Coverage:
Finally#
Traditional stock exchanges do not have the severe centralization of centralized exchanges (CEX).
Because CEX can help you deposit money, match trades, decide what coins to list, and even have enough ability to manipulate the market, while lacking regulation.
This is equivalent to combining a traditional bank, stock exchange, securities regulator, and casino in one, which is the opposite of decentralized trust.
The most centralized exchanges should face the strictest regulation, which is beyond doubt.
OKX's recent brazen breach of promise and swallowing of user assets was not due to regulation,but precisely because of the lack of effective regulation that it dared to be so arrogant.
If you feel that OKX is violating the rights of its users, then please spread the word and let's all make a small noise about this trivial matter.
If you think it doesn't matter, then please also stop saying:
If you haven't committed a crime, why are you afraid to upload your privacy
This matter is like the Leviathan beast trampling on a nameless flower in the godforsaken land of the cryptocurrency world, no one knows and no one cares.
If I don't care myself, then when Leviathan really shows its fangs, maybe next silent spring, there will be no survivors.