There is never a lack of potential drama in the cryptocurrency space. Recent developments affecting the IDAX Global platform have many people concerned, for obvious reasons.
It appears things are going downhill fast for IDAX Global.
What is Going on With IDAX Global?
Earlier this week, the team announced how withdrawals would not be processed as normal.
Not even a week later, it would appear that a lot more is going on behind the scenes.
A new blog post explains how the CEO of IDAX Global has “gone missing”.
This seems to indicate there will also be a loss of funds to contend with.
For the time being, the team has restricted the use of cold wallet funds.
Virtually all of IDAX Global’s cryptocurrency funds are stored in these cold wallets, which is a good sign.
Unfortunately for its users, that also means depositing and withdrawing funds is not possible for the foreseeable future.
No further ETA is offered as to when services will be resumed accordingly.
As there is no official mention of a theft of funds, it does not appear that users should be overly worried.
If history has taught crypto users one thing, it is how CEOs of companies never disappear without some funds being affected.
The team also confirms they are working on a contingency plan to rectify the situation.
All of these developments will undoubtedly fuel plenty of speculation.
For IDAX Global, this development may cause a lot of negative backlash.