Last week, OKEx suspended withdrawals Friday morning, citing the reason that a keyholder was being "out of touch." Jay Hao, CEO of the world's second largest crypto derivatives exchange, tweeted to reassure clients: "All your funds and assets are safe." Hao explained on Weibo that the circumstances that have kept the keyholder out of touch with the firm would not affect business. OKB, the native exchange token for OKEx, plunged about 30% over the weekend on the news, signaling mass fear from traders on the keyholder issue. Nearly all coins also slipped on the OKEx news, which was first reported by CoinDesk.

Here is the rest of the week in review:

Sweden's chief central banker Stefan Ingves expressed hope for a sovereign digital currency on Thursday and called on the Swedish Parliament to finally implement the idea. The Riksbank governor wrote in favor of a central bank digital currency (CBDC): "There shall be digital state money as legal tender, an e-krona, issued by the Riksbank." Ingves wrote in a Thursday economic note that amounts to his strongest statement yet in favor of a Swedish central bank digital currency (CBDC). He urged the Swedish government to "review the concept of legal tender" and the legality of an e-krona to prepare the central bank for a digital future. Ingves argued the e-krona is necessary for future-proofing Riksbank's operations, noting the Swedish people are abandoning cash for digital payments at a high rate. Riksbank first called for the formation of a committee to study cash in April 2019, and the government passed the proposal but has not yet implemented it. Riksbank has piloted a CBDC, but a real issuance requires political approval.

Filecoin launched its network to mainnet at block 148,888 on Thursday, ensuring that FIL tokens will begin the distribution process. Filecoin is a system created by Protocol Labs to be a decentralized file storage and content distribution network. The tokens distributed Thursday were all subject to a vesting schedule, so only a tiny portion of the total supply of 2 billion FIL in the Filecoin system is circulating. Despite multiple delays, the Filecoin project has attracted considerable attention, particularly in China. The launch of Filecoin is a milestone for CoinList, a firm that spun off from AngelList to manage the gigantic $200 million Filecoin token sale for Filecoin in September 2017. Filecoin currently has 2 block explorers that people can watch to analyze its blockchain. Its stated upcoming projects include Slate, a personal storage service that uses Filecoin and IPFS, Textile, a set of developer tools for managing storage.

Crypto prices ended the week at $359.5 billion. For the majors, Litecoin (LTC) and Ripple (XRP) posted single-digit losses, while Binance Coin (BNB) and Bitcoin Cash (BCH) rose modestly. In the top 100, the biggest losers were Arweave (AR), down 33%, OKB, down 24%, and Crypto.com Coin (CRO), down 22%. The biggest gainers were ABBC Coin (ABBC), up a whopping 78%, Filecoin, up 38%, and Waves (WAVES), up 29%. Next week traders will see how the fallout from the OKEx situation affects prices and watch if Bitcoin (BTC) can regain $12,000.

The author owns a small amount of BTC and LTC.