Crypto exchange OKEx just tested withdrawals as the service reopens by Friday
Crypto exchange OKEx has just successfully tested a withdrawal transaction, suggesting that the service could indeed resume by November 27, as previously announced.
On-chain data analytics platform CryptoQuant first noticed the transaction, where OKEx withdrew 0.02 bitcoin (worth about $370) from one of its wallets.
As OKEx gets ready to reopen withdrawals, users could rush to liquidate their locked assets, which in turn, could impact markets.
OKEx first suspended withdrawals on October 16, after losing contact with one of its private key holders. The holder was assisting a police investigation in China. Some media reports claimed that OKEx founder Star Xu was the key holder, but OKEx has denied any connection with him.
Last week, OKEx said that it has always maintained 100% reserves, so there will be “no risk of bank run” after withdrawals resume.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Yogita Khatri
