{"id":30540,"date":"2020-10-22T18:55:26","date_gmt":"2020-10-22T15:55:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30540"},"modified":"2025-08-27T22:49:46","modified_gmt":"2025-08-27T19:49:46","slug":"institutional-investors-were-offered-a-paid-service-to-withdraw-bitcoin-from-okex","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/institutional-investors-were-offered-a-paid-service-to-withdraw-bitcoin-from-okex\/","title":{"rendered":"Institutional investors were offered a paid service to withdraw Bitcoin from OKEx"},"content":{"rendered":"<p>Blockchain developer Zulu Republic, together with liquidity provider Alameda Research and the Whalepool trader community, announced a service for withdrawing funds from the cryptocurrency exchange OKEx.<!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">2) <a href=\\\"https:\/\/twitter.com\/ztxrepublic?ref_src=twsrc%5Etfw\\\">@ztxrepublic<\/a> has created an ERC20 token, NOBTC, which represents 1 BTC on OKEx. You can create\/redeem for OKEx BTC it at their website: <a href=\\\"https:\/\/t.co\/tvd6YfB3kh\\\">https:\/\/t.co\/tvd6YfB3kh<\/a>.<\/p>\n<p>You can then trade NOBTC on two places: uniswap, and serum.<\/p>\n<p>\u2014 SBF (@SBF_Alameda) <a href=\\\"https:\/\/twitter.com\/SBF_Alameda\/status\/1319028003272155136?ref_src=twsrc%5Etfw\\\">October 21, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>They offer users a way to withdraw Bitcoin and USDT via ERC-20 tokens created specifically for this purpose: NOBTC and NOUSDT.<\/p>\n<p>The exchange occurs automatically through an escrow account on OKEx and the corresponding token smart contracts at a 1:1 ratio.<\/p>\n<p>As of writing, NOBTC on the Uniswap decentralized exchange <a href=\\\"https:\/\/info.uniswap.org\/pair\/0x06766206DDA5A7A91f52457568e44719E20d45D2\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">is priced at<\/a> around 0.9 BTC.<\/p>\n<p>The service is targeted at institutional investors \u2014 the minimum order size is 100 BTC (over $1.2 million).<\/p>\n<p>Users must pay a 1% fee for each swap and a regulatory-check fee. If a swap is cancelled, and OKEx suddenly reopens withdrawals, the client must also pay 1% of the transaction amount.<\/p>\n<p>According to Zulu CEO Daniele Sestagalli, five institutional investors had used the offering in its first hours.<\/p>\n<p>The token developers emphasise that clients using the service do so \\&#8221;at their own risk\\&#8221;.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">4) Some notes:<\/p>\n<p>a) Though I am advising, I\\\u2019m am not running the process or custodying the OKEx BTC; use at your own risk.<\/p>\n<p>b) I have no idea if\/when OKEx withdrawals will open up.<\/p>\n<p>c) NOBTC will only be redeemable for a BTC if OKEx opens up withdrawals<\/p>\n<p>d) not investment advice<\/p>\n<p>\u2014 SBF (@SBF_Alameda) <a href=\\\"https:\/\/twitter.com\/SBF_Alameda\/status\/1319028008812830720?ref_src=twsrc%5Etfw\\\">October 21, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In a Bloomberg interview, Alameda CEO Sam Bankman-Fried <a href=\\\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-22\/frozen-okex-crypto-traders-can-cash-out-but-would-pay-a-price\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">suggested<\/a> that withdrawals would be resumed only after several weeks or months.<\/p>\n<p>Earlier, the Tron Foundation <a href=\"https:\/\/forklog.com\/en\/news\/tron-foundation-ends-compensation-program-for-okex-users\">announced<\/a> the termination of its fund-recovery program for OKEx users, as the exchange had blocked the organization&#8217;s accounts.<\/p>\n<p>Earlier, OKEx <a href=\"https:\/\/forklog.com\/en\/news\/okex-suspends-withdrawals-media-report-founder-detained\">suspended<\/a> withdrawals on 16 October after one of the private-key holders stopped responding.<\/p>\n<p>Local media reported the arrest of Star Xu, founder of OKEx and OKCoin.<\/p>\n<p><span style=\\\"font-weight: 400;\\\">OKG Technology Holdings Ltd., in its HKEx filing, said that Star Xu is under investigation, with the People\\&#8217;s Republic of China\\&#8217;s public security authorities handling the case. According to <\/span><a href=\\\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-22\/frozen-okex-crypto-traders-can-cash-out-but-would-pay-a-price\\\"><span style=\\\"font-weight: 400;\\\">Bloomberg<\/span><\/a><span style=\\\"font-weight: 400;\\\">, Xu is the holder of a controlling stake in OKG.<\/span><\/p>\n<p>The exchange also <a href=\"https:\/\/forklog.com\/en\/news\/okex-refutes-reports-of-large-transfers-after-withdrawal-halt\">denied<\/a> reports of large transfers after the withdrawal halt.<\/p>\n<p>On 21 October OKEx <a href=\"https:\/\/forklog.com\/en\/news\/okex-resumes-p2p-fiat-trading\">resumed<\/a> P2P trading of fiat currencies, but restricted internal transfers for some users.<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/twitter.com\/ForkLog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain developer Zulu Republic, together with liquidity provider Alameda Research and the Whalepool trader community, announced a service for withdrawals from the OKEx cryptocurrency exchange.<\/p>\n","protected":false},"author":1,"featured_media":30541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1168,791,1156,1291],"class_list":["post-30540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-crypto-derivatives","tag-erc-20","tag-institutional-investors-and-whales","tag-okx"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=30540"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30540\/revisions"}],"predecessor-version":[{"id":30542,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30540\/revisions\/30542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/30541"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=30540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=30540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=30540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}