The drama surrounding OKEx began on Friday when phrase were given out that the preferred trade had suspended all withdrawals from the platform.

Virtually straight away, the cryptocurrency marketplace reacted with price drops . Bitcoin misplaced about $ 350 in a couple of hours.

In a while thereafter, reviews surfaced that OKEx co-founder, Xu Mingxing, was kidnapped by way of cops for over per week in the past and have not returned to paintings but.

An organization spokesman showed that Mingxing is not affiliated with the trade. On account of this, they had been not able to remark at the alleged tendencies.

OKEx CEO Jay Hao assures customers that each one price range at the trade are secure. Moreover, Hao famous that each one actions rather then withdrawals are nonetheless running. That incorporates buying and selling, derivatives, making a bet, and deposits.

The Whale Alert cryptocurrency tracking useful resource discovered a number of transactions that observe masses of tens of millions of greenbacks in BTC which must be transferred from OKEx to Binance.

🚨 🚨 🚨 3, 500 # BTC ( , 627, 432 USD) transferred from # OKEx to # Binance

Tx: https://t.co/RkpDsCQ2v5

– Whale Alert (@whale_alert) October 16, 2020

On the other hand, OKEx published updates every other few hours in the past denied the declare. It reads that the corporate’s pockets crew “has showed that the unique pockets cope with within the transaction does no longer belong to OKEx.”

The executive economist of blockchain analytics company Chainalysis reiterated OKEx’s commentary. He mentions claims the Whale Alert is “mislabeled” as it was once no longer a switch from OKEx to Binance.

That is mislabeled, it’s not a switch from OKEx to Binance

– Philip Gradwell (@philip_gradwell) October 16, 2020

In its most up-to-date commentary, OKEx apologized for the inconvenience to its customers and mentioned that “we can continue with virtual asset withdrawals once we decide that each one safety necessities had been met”

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