OKEx customers withdraw $ 400M in Bitcoin after exchange reopens

OKEx users withdraw $ 400 million worth of Bitcoin within 24 hours after the platform reopens. The exchange had suspended withdrawals since October 16 following the arrest of its founder.

End of the investigation and resumption of withdrawals

After a stay of five weeks of all withdrawals of users, the exchange platform cryptomonnaies OKEx resumed operations since Thursday, November 26 at 7am .

Bitcoin Millionaire suspended withdrawals on October 16 because one of the exchange’s hot wallet private key holders was targeted by an investigation by Chinese police .

The holder was later identified as the founder of OKEx, „Star Mingxing Xu“. The latter then claimed in a WeChat feed that the police investigation did not concern him, but that it was linked to a case involving a shell company he had bought in Hong Kong.

Following this case, OKEx planned to launch a compensation and reward program to express gratitude and convince customers to stay. This program includes discount cards denominated in Tether (USDT) and the division by two of the privilege thresholds associated with holding the native OKB token.

Massive withdrawal

Despite these efforts, the data shows that the compensation program has not convinced all users. A customer testimonial sums up the prevailing state of mind:

“While we believe that OKEx is still a trusted exchange, there will be a lot of uncertainties going forward . “

So, OKEx users have already withdrawn over 24,631 BTC, or around $ 400 million in just over a day.

Some analysts have linked the recent rise in BTC to a supply shortage due to the suspension of withdrawals on OKEx. However, the perfect timing of the price suspension and rise could be purely coincidental , said Ryan Watkins, Bitcoin analyst at Messari.