Cryptocurrency exchange OKEx is having a hard time, especially after an investigation into an authentication key holder on the platform, which made OKEx announce the indefinite suspension of withdrawals.

Which forced the users of the platform to keep their digital currencies inside the platform.

Some bitcoin transfers followed, with over $118 million worth of bitcoin transferred to and from OKEx during the blocking period.

$22.5 Million in Bitcoin Moves from Huobi to OKEx:

According to the account “Whale Alert,” Huobi’s $22.5 million worth of bitcoin was transferred to OKEX, after the latter announced the suspension of withdrawals.

998 #BTC (US$11,333,911) Transferred from # Hobi to me # OK

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TX:

– whale alert (whale_alert) October 16, 2020

997 #BTC (US$11,265,034) Transferred from # Hobi to me # OK

TX:

– whale alert (whale_alert) October 16, 2020

The cryptocurrency was sent in two separate transactions of 998 BTC and 997 BTC, respectively.

The event was met with mixed responses, with some commenting on the absurdity of the matter and that things are normal for OKEx regarding the deposit process while others suggested that this may simply be the result of late transactions.

$96 million of bitcoin exited from OKEx to Binance:

Four hours after the aforementioned inflows, the Whale Alert account once again found two large transactions but this time they were sent from the OKEx platform to Binance, these two transactions holding a total of 8,500 BTC (worth about $96 million).

🚨 🚨 🚨 🚨 5000 #BTC (56,557,317 USD) converted from # OK to me #finance

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TX:

– whale alert (whale_alert) October 16, 2020

🚨 🚨 🚨 3500 #BTC (US$39,627,432) Transferred from # OK to me #finance

TX:

– whale alert (whale_alert) October 16, 2020

It should be noted that these transactions were directed outside the platform, and were made while the withdrawals on the OKEx platform were still officially pending.

So far, the exact nature and purpose of these transactions are not known.

According to “Whale Alert”:

We believe these are internal transfers between exchanges, we are investigating it now.

Seeing these outbound transfers caused concern for users who were still able to withdraw their funds.

OKEx did not explain or say about these transactions.

OKEx Legal Issues and Pending Withdrawals:

OKEx suspended withdrawals on October 16 until further notice, insisting that other functions are not affected and that funds are safe.

This development came after the Chinese police arrested one of the founders of the platform, “Mingxing Xu” more than a week ago.

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The founder of the OKEx trading platform was summoned by the police for questioning… Details here

The price of the OKEx cryptocurrency, OKB, fell shortly after the announcement of the start of investigations and the suspension of withdrawals.

It is believed that Mr. “Xu” recently lost contact with other platform administrators.

Being a signatory to the Cold Wallet, he is unable to authorize transactions himself.

It is interesting to note that hours before withdrawals were suspended, millions of dollars in coins were moved from the platform.

Although the platform insists that Mr. “Xu”’s undisclosed case with law enforcement agencies is of a personal nature and not related to the trading platform’s business, there are rumors circulating that the platform is under active investigation for its involvement in money laundering fraud. assured.

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