Last week IDAX users began to complain about problems with withdrawals. As it turns out, IDAX CEO disappeared with keys to cold wallets, and users’ funds remain inaccessible.

The cryptocurrency exchange IDAX issued an “urgent notice” informing that IDAX general manager had “disappeared”, and, accordingly, access to the cold wallet, which contains almost all of the cryptocurrency, was lost. Because of this, the process of depositing and withdrawing funds had to be suspended.

“IDAX Global CEO have gone missing with unknown cause and IDAX Global staffs were out of touch with IDAX Global CEO,” the company said in a statement.

IDAX calls itself the “first centralized exchange” that integrated the Binance Chain by listing the BEP2 standard tokens. According to some sources, the exchange is based in Shanghai, although its Twitter account mentions Mongolia as the region of residence.

The following information appeared in the Chinese media:

“IDAX founder Lei Guorong lost all of his users’ assets on November 22. At the moment he is hiding. None of the employees knows his location, and he only gets in touch using confidential communication using external channels.”

The exchange team promised to do their best to rectify the situation, but their current advice is not to use the exchange's services. The Block analyst Larry Cermak suggested that the IDAX CEO could be arrested in Shanghai, as several weeks ago there were some kind of raids or police visits to cryptocurrency-related offices in Shanghai.

Earlier, IDAX announced its decision to leave the US and Canadian markets due to regulatory restrictions, while five days ago the exchange stopped providing services to Chinese users due to “political motives”, noting that the platform is operating normally in other jurisdictions.

Shortly before this, the company reported that problems with withdrawals were associated with a sharp increase in the number of requests. According to CoinMarketCap, IDAX was in the top 15 in terms of adjusted trading volume before withdrawal problems.