Bitcoin exodus: OKEx users move crypto off exchange as withdrawals resume
After a five-week-long suspension of all user withdrawals, cryptocurrency exchange OKEx resumed normal services at 8:00 am UTC on Nov. 26. These programs include commission rebate cards denominated in Tether (USDT), a one-time compensation payment based on users’ asset and transaction histories, and a doubling of the asset weight calculation for holders of the exchange’s native token, OKB.
Despite these efforts, today’s data shows that the programs have not been enough to forestall users from withdrawing their funds, having apparently lost confidence in the exchange. Mason Jang, the chief operating officer of Crypto Quant, tweeted: More data from CryptoQuant shows that “the first OKEx outflow after the withdrawal opening hit 2,822 BTC by the block time frame,” which is “the year-high in the block time frame”: Crypto tracking service Whale Alert also traced at least a couple of high-value transactions within an hour of withdrawals opening: As reported, OKEx had suspended withdrawals on Oct. 16 while one of the holders of the exchange’s private keys cooperated with an investigation led by authorities and was therefore unable to authorize transactions within the hot wallet system.
