Sunday , July 21 2024
Home / Bitcoin (BTC) / The OKEx Saga: All You Need To Know 24 Hours Later

The OKEx Saga: All You Need To Know 24 Hours Later

Summary:
The drama around OKEx started on Friday when news broke that the popular exchange had suspended all withdrawals from the platform.  Almost immediately, the cryptocurrency market reacted with price drops. Bitcoin lost about 0 in a few hours.  Shortly after, reports emerged that OKEx co-founder Xu Mingxing was taken by police officers over a week ago and hadn’t returned to work yet.  CryptoPotato reached out to OKEx for comments, and a company spokeswoman asserted that Mingxing is not affiliated with the exchange anymore. As such, they couldn’t comment on any alleged developments. OKEx CEO Jay Hao reassured users that all funds on the exchange are safe. Furthermore, Hao noted that all other activities besides withdrawals were still operational. Those included trading,

Topics:
Jordan Lyanchev considers the following as important: ,

This could be interesting, too:

Wayne Jones writes Bitzlato Founder Sentenced to Prison for Facilitating Money Laundering

Chayanika Deka writes Trump and Bitcoin: How Institutional Bets on 0K December Calls Could Shape the Market

Chayanika Deka writes Bybit Bitcoin and USDT Holdings Surge According to 12th Proof of Reserves Report

Andrew Throuvalas writes Bitcoin Rockets To ,400, Triggering 1 Million In Liquidations

  • The drama around OKEx started on Friday when news broke that the popular exchange had suspended all withdrawals from the platform. 
  • Almost immediately, the cryptocurrency market reacted with price drops. Bitcoin lost about $350 in a few hours. 
  • Shortly after, reports emerged that OKEx co-founder Xu Mingxing was taken by police officers over a week ago and hadn’t returned to work yet. 
  • CryptoPotato reached out to OKEx for comments, and a company spokeswoman asserted that Mingxing is not affiliated with the exchange anymore. As such, they couldn’t comment on any alleged developments.
  • OKEx CEO Jay Hao reassured users that all funds on the exchange are safe. Furthermore, Hao noted that all other activities besides withdrawals were still operational. Those included trading, derivatives, staking, and deposits.
  • The cryptocurrency monitoring resource Whale Alert found a few transactions tracking hundreds of millions of dollars in BTC supposedly transferred from OKEx to Binance. 
  • However, OKEx published another update hours ago refuting the claims. It reads that the company’s wallet team “has confirmed that the origin wallet addresses in said transactions do not belong to OKEx.”
  • The chief economist of the blockchain analytics company Chainalysis reaffirmed OKEx’s statement. He called the Whale Alert claims “mislabeled” as they were not transfers from OKEx to Binance. 
  • In its latest statement, OKEx apologized for any inconvenience to its users and said that “we will resume digital asset withdrawals as soon as we’ve determined that all security requirements have been met.”

Leave a Reply

Your email address will not be published. Required fields are marked *