An 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 – whose name was not provided – has been missing for unknown reasons for five days.
As a result, the exchange said the access to its cold wallets that store almost all the crypto assets on IDAX has been restricted and deposits and withdrawals are not allowed. "It is recommended that you refrain from using our all platform services," the exchange said.
It's also not known, publicly at least, what led to the unnamed CEO's disappearance. There are signs that IDAX has close ties to a Chinese firm based in Shanghai and has a presence in the city, which has been taken tougher measures in cracking down on crypto exchanges and token sales recently.
However, public information also shows that the exchange is connected to a company called Nianxiang Group that is based in Shanghai, China.
Currently, the website of Nianxiang Group is not accessible. But indexed Google data shows that the firm's website, before it went down, did say that Nianxiang's overseas business unit owns the Global Blockchain Research Center.
A profile page of Nianxiang on Chinese news portal Sohu also shows it's behind the Global Blockchain Research Center.
Notably, IDAX, with its presence in Shanghai, conducted a sale for its ERC-20-based exchange token, called IDAX Token (IT), in February this year, during which 200 million IT were issued.
In an announcement in February, the firm said the subscription price was at $0.2 per token, but did not clearly say what portion of the 200 million IT was sold.
In February, the firm released a white paper – only found in Chinese – and stated that 60 percent of the tokens will be used as "operation incentives," while the team will keep 10 percent to itself. A further 20 percent was to be reserved for the "IDAX ecosystem" and 10 percent to circulate on the exchange.
However, the white paper didn't disclose the name of the IDAX CEO and most of the team members listed in the white paper are only identified by their first name. BitcoinMonsoon hasn't yet been able to locate other corroborating information showing the identity of the team members.