OKEx tests withdrawal ahead of resumption of withdrawals

Bitcoin exchange OKEx tested withdrawals in anticipation of a full resumption of operations. Ki Young Ju, CEO of the CryptoQuant analytics service, drew attention to the transaction.

JUST-IN: 0.02 BTC moved from #OKEx wallet. It seems like the #OKEx withdrawal system is trying to reopen.

Set Alert 👉 https://t.co/3pmBj9WvZG https://t.co/6ZeLJUfB1i pic.twitter.com/sizMXxLDKL

— Ki Young Ju 주기영 (@ki_young_ju) November 23, 2020

According to him, 0.02 BTC was withdrawn from one of OKEx’s wallets ($375 at the time of writing). The CryptoQuant head expects that the anticipated November 27 reopening of the withdrawal feature on the exchange could lead to increased market volatility due to a surge in withdrawal requests.

I think #OKEx withdrawal reopening may cause volatility due to bulk withdrawal requests.#OKEx has not announced the exact reopening time, so I recommend setting an alert on our website to respond in advance.

Set Alert 👉https://t.co/3pmBj9WvZG https://t.co/46tBuwjMeT pic.twitter.com/1dbSDxfrgr

— Ki Young Ju 주기영 (@ki_young_ju) November 23, 2020

On October 16, OKEx suspended withdrawals, citing a loss of contact with one of the private-key holders. Media suggested that this involved the exchange’s founder Star Xu, but representatives denied this.

On November 19, the exchange promised to restore withdrawals by November 27, 2020. The next day Star Xu stated that he was cooperating with Chinese police as part of a probe into a deal involving the merger of equity capital with his company OK Group several years ago.

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