RATE Group | Millions potentially stolen as Asian cryptocurrency exchange CEO disappears
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Millions potentially stolen as Asian cryptocurrency exchange CEO disappears

02 Dec Millions potentially stolen as Asian cryptocurrency exchange CEO disappears

Posted at 08:04h in Cryptocurrency News by

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Millions may have been stolen after the chief executive of a little-known Asian cryptocurrency exchange called IDAX disappeared with the keys to the company’s cold wallets.

The origins of the company are cloudy, but the company appears to be operated out of Shanghai. Cryptocurrency exchanges are illegal in China, but the company was registered in both Singapore and Mongolia.

What is known is that CEO Lei Guorong has disappeared, a fact confirmed by IDAX itself. In a statement on Friday, the company said that “IDAX Global CEO have gone missing with unknown cause and IDAX Global staffs were out of touch with IDAX Global CEO.” As a consequence, the company has suspended all deposits and withdrawals.

Suspending withdrawals, while a wise move, may be the result of the company not having access to client funds held in cold wallets, if reports Friday are correct that Guorong took the keys with him when he disappeared.

Exactly how much could have been stolen is pure…

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