{"id":120811,"date":"2020-11-26T12:47:21","date_gmt":"2020-11-26T09:47:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-exodus-okex-users-move-crypto-off-exchange-as-withdrawals-resume\/"},"modified":"2020-11-26T12:47:21","modified_gmt":"2020-11-26T09:47:21","slug":"bitcoin-exodus-okex-users-move-crypto-off-exchange-as-withdrawals-resume","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-exodus-okex-users-move-crypto-off-exchange-as-withdrawals-resume\/","title":{"rendered":"# Bitcoin exodus: OKEx users move crypto off exchange as withdrawals resume"},"content":{"rendered":"<p>&#8220;<strong># Bitcoin exodus: OKEx users move crypto off exchange as withdrawals resume  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>\u00a0After a five-week-long suspension of all user withdrawals, cryptocurrency exchange OKEx \u00a0<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.okex.com\/support\/hc\/en-us\/articles\/360053004131\">resumed<\/a>\u00a0normal services at 8:00 am UTC on Nov. 26.<\/p>\n<p>Having\u00a0announced\u00a0the re-opening\u00a0last week, OKEx then indicated it would be launching a compensation and <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.okex.com\/support\/hc\/en-us\/articles\/360052910871-OKEx-reveals-user-compensation-and-loyalty-rewards-for-after-withdrawals-reopen\">rewards<\/a> program to express its gratitude to customers for holding out during the disruption.\u00a0<\/p>\n<p>These programs include commission rebate cards denominated in Tether (USDT), a one-time compensation payment based on users\u2019 asset and transaction histories, and a doubling of the asset weight calculation for holders of the exchange\u2019s native token, OKB.<\/p>\n<p>Despite these efforts, today\u2019s data shows that the programs have not been enough to forestall users from withdrawing their funds, having <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arently lost confidence in the exchange.<\/p>\n<p>While withdrawals have not been open for long, some telling initial data is emerging on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> transaction trackers. Mason Jang, the chief operating officer of Crypto Quant, tweeted:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/OKEx?src=hash&amp;ref_src=twsrc%5Etfw\">#OKEx<\/a> stats <\/p>\n<p>&#8211; OKex BTC Reserve: 101,686 =&gt; 98,821 BTC<br \/>&#8211; 2,822 BTC outflows has been occurred<br \/>&#8211; 446 BTC moved to <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a><br \/>&#8211; 54 Accounts withdrew their <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <\/p>\n<p>Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/tAPwJdhpw4\">https:\/\/t.co\/tAPwJdhpw4<\/a> <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/dkWOsQh8ZZ\">pic.twitter.com\/dkWOsQh8ZZ<\/a><\/p>\n<p>\u2014 Mason Jang (@mason_jang) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/mason_jang\/status\/1331884103151489026?ref_src=twsrc%5Etfw\">November 26, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>More <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1331876348265078784?s=20\">data<\/a> from CryptoQuant shows that \u201cthe first OKEx\u00a0outflow after the withdrawal opening hit 2,822 BTC by the block time frame,\u201d which is \u201cthe year-high in the block time frame\u201d:<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/550e2d1a-df5a-4c1e-8b3e-0e67456f32c0.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>10-day Bitcoin exchange outflow total for OKEx. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1331876348265078784?s=20\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Crypto tracking service Whale Alert also <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_alert\/status\/1331875188732997635?s=20\">traced<\/a> at least a couple of\u00a0high-value transactions within an hour of withdrawals opening:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">198,467 <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/OKB?src=hash&amp;ref_src=twsrc%5Etfw\">#OKB<\/a> (1,033,580 USD) transferred from <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/OKEx?src=hash&amp;ref_src=twsrc%5Etfw\">#OKEx<\/a> to <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&amp;ref_src=twsrc%5Etfw\">#FTX<\/a><\/p>\n<p>Tx: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/yW7WeHlLaU\">https:\/\/t.co\/yW7WeHlLaU<\/a><\/p>\n<p>\u2014 Whale Alert (@whale_alert) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_alert\/status\/1331885256996216832?ref_src=twsrc%5Etfw\">November 26, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As reported, OKEx had suspended withdrawals on Oct. 16 while one of the holders of the exchange\u2019s private keys cooperated with an investigation led by authorities and was therefore unable to authorize transactions within the hot wallet system.\u00a0<\/p>\n<p>The exchange has maintained it was not involved in any illegal actives, although there have been reports that its founder, Star Xu, had been questioned by police that same week.<\/p>\n<p>The sudden withdrawal suspension in mid-October caused significant volatility in the markets at the time, prompting a dip of 3% in Bitcoin\u2019s (BTC) trading price.\u00a0<\/p>\n<p>With outflows continuing from the exchange to other exchanges and wallets, bearish sentiment is circling in the market. BTC\/USD has just lost support at $17,000, reporting its largest losses since March.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-exodus-okex-users-move-crypto-off-exchange-as-withdrawals-resume\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin exodus: OKEx users move crypto off exchange as withdrawals resume &#8221; \u00a0After a five-week-long suspension of all user withdrawals, cryptocurrency exchange OKEx \u00a0resumed\u00a0normal services at 8:00 am UTC on Nov. 26. Having\u00a0announced\u00a0the re-opening\u00a0last week, OKEx then indicated it would be launching a compensation and rewards program to express its gratitude to customers for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":120812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/c6374b65-d397-42c1-ae85-d791dd0e4530.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74860,75592,117],"class_list":["post-120811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-cryptocurrency-exchange","tag-okex","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/120811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=120811"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/120811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/120812"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=120811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=120811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=120811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}