OKEx to Reopen Withdrawals in a Week by Nov. 27; Get Ready for a Big Exodus
One of Asia’s biggest cryptocurrency exchanges, OKEx, has announced that finally, it will reopen unrestricted withdrawals on or before next Friday, i.e., Nov. 27, 2020.
Over a month ago, on Oct. 16, OKEx first announced that it is suspending any withdrawals due to one of the private key holders of the exchange’s assets assisting in a police investigation but said it hadn’t been related to the matter of the exchange itself.
“Throughout this investigation, OKEx was confirmed not to have been involved in any wrongdoing or illegal activities,” the exchange reiterated.
Less than a week later, OKEx resumed P2P fiat trading for selective currencies, including Chinese Yuan, Indian Rupee, and Vietnamese Dong.
The exchange said while they always had a backup mechanism if any of the key private holders had long-term incapacitation, such as memory loss or death but didn’t account for a scenario where they will be “unreachable due to unforeseen circumstances.”
“The ultimate resolution for the private key holder’s short-term incapacitation was not a technical one,” it said.
Now, finally, things will get back to normal on the exchange.
Be on the Lookout
With the private key holder now done assisting the authorities and having returned to his normal business functions, OKEx “team will conduct strict security checks to resume normal operations of the hot wallet system and ensure the safety of our users’ funds.”
Besides allowing its users to withdraw 100% of their funds without any restrictions, OKEx is also launching “significant user loyalty reward campaigns to express our deep apologies and most sincere gratitude to our community” — to be announced later.
With this news, the price of its native token OKB jumped over 13% to $5.69.
While the volume ($4 billion in the spot market and over $5 billion in BTC futures) and open interest (actually leading at $1.1 billion) on the platform maintained strong, it would be interesting to see the results post-withdrawal reopening.
“Will be keeping eye on the onchain data to observe maybe the biggest exodus on crypto history and where they will flow into,” said Dovey Wan of Primitive Crypto.
As we reported, the OKEx mining pool saw its hashing power crashing 99.5% during this over a month-long withdrawal suspension. It mined just one block in the month of November compared to 150 in October and 288 in the month before that.