OKEx resumes withdrawals

On Thursday, 26 November, the bitcoin exchange OKEx will resume withdrawals. The feature will be available from 11:00 (MSK).

#Announcement: Pleased to announce @OKEx has restored the full range of withdrawal services, which is scheduled to reopen today at 08:00 UTC.

Thanks everyone once again for their patience, support and trust in the #OKFam platform.

View details: https://t.co/vwsZmN1Xwi

— OKEx (@OKEx) November 26, 2020

Update: CryptoQuant data show that the outflow after withdrawals reopened totaled 2,822 BTC.

The first #OKEx outflow after the withdrawal opening hit 2,822 BTC by the block time frame.

It’s the year-high in the block time frame.

Chart 👉 https://t.co/2AxxxBICfc pic.twitter.com/Ojf227KpHf

— CryptoQuant.com (@cryptoquant_com) November 26, 2020

CEO CryptoQuant Ki Young Ju said that the resumption of withdrawals from OKEx was unlikely to have influenced the drop in Bitcoin below the $17,000 level. According to him, 83% of the assets withdrawn in the initial phase went to non-exchange wallets.

I think we’re in scenario 3.$BTC flows from OKEx to all other exchanges hit 493 BTC at that time. 83% of total outflows went to non-exchange wallets like custody.

It could be a bullish signal in the long-term.https://t.co/xjuqZvoR5M pic.twitter.com/6XKKYBVvGB

— Ki Young Ju 주기영 (@ki_young_ju) November 26, 2020

COO CryptoQuant Mason Young said that 54 accounts withdrew their BTC from OKEx. 446 BTC were moved to Binance.

The volume of assets reserved on OKEx declined from 101,686 BTC to 98,821 BTC.

#OKEx stats

— OKEx BTC Reserve: 101,686 => 98,821 BTC
— 2,822 BTC outflows have occurred
— 446 BTC moved to #Binance
— 54 Accounts withdrew their $BTC

Source: https://t.co/tAPwJdhpw4 pic.twitter.com/dkWOsQh8ZZ

— Mason Jang (@mason_jang) November 26, 2020

Journalist Colin Wu, citing data from the Chainsmap analytics service, reported that one hour after withdrawals resumed on OKEx, 70.41 BTC flowed in, 5,681.79 BTC flowed out. Some of them went to Binance, Huobi and other exchanges.

Wu learned that the monitoring system of Chainsmap found that one hour after the OKEx exchange reopened for withdrawal at 4 pm, 70.41 BTC flowed in, 5681.79 BTC flowed out, and BTC flowed out of the top three target exchanges: Binance, Huobi, https://t.co/WH7baLrS8N.

— Wu Blockchain（Chinese Crypto Reporter） (@WuBlockchain) November 26, 2020

Earlier, OKEx informed users of plans to open unlimited withdrawals by November 27. The service had been unavailable since October 16 — when the exchange announced a loss of contact with one of the private-key holders.

Media speculated that this referred to the founder Star Xu, but representatives denied these reports. Later he stated that he is cooperating with law enforcement in a case involving a merger of equity with the participation of his company OK Group several years ago.

On November 23, the trading platform blocked withdrawals, sending 0.02 BTC from one of the wallets.

The exchange announced a compensation program for users who interacted with OKEx during the withdrawal blockade.

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