OKEx Token Increased 11% After Rumors Of Founder’s Release Emerge

The OKEx token price increased by 11% moments after rumors emerged on the Founder’s release from custody. The exchange paused all withdrawals after the founder was taken into police custody back in October and now the word’s out that he is getting out so let’s find out more in today’s crypto news.

The OKEx token or OKB, increased by 11% thanks to the rumors that the founder of the exchange will be released from custody. But does this mean that the withdrawals will resume? This is still unclear. OKB, the native coin of the OKEx exchange, increased by 11% today after the rumors surfaced that the authorities in China released the founder of the platform- Mingxing Xu. The price of the token is now set at $5.42 which marks an increase from yesterday’s $4.81. When Xu was detained in mid-October, the price of the OKB token fell from $6.00 to $4.26 and that is when the exchange paused withdrawals after the reports surfaced that the Chinese police took Xu into custody.

OKEx disputed the characterization and denied all rumors that the founder was detained for money laundering. “Wu Blockchain” the Chinese crypto reporter, posted rumors today that Xu gained his freedom back and that the police were not able to work out whether to end the investigation or to release the founder on bail before a trial happens.

Exclusive：Star Xu, the head of OKEx, one of China's largest crypto exchanges, have gained some freedom. This may bring a little bit of optimism in the investigation storm sweeping the Chinese crypto industry. pic.twitter.com/Bvf0ZPytgO

— Wu Blockchain（Chinese Crypto Reporter） (@WuBlockchain) November 18, 2020

Wu blockchain said that there’s no timeline set for resuming the withdrawals on the exchange but he did say:

“This may bring a little bit of optimism in the investigation storm sweeping the Chinese crypto industry.”

The volumes on the OKEx exchange were rising all week as $56 million worth of OKB traded every day according to the data that we have from CoinMarketCap, the most popular data analytics site. Today, the traders shifted about $143 million worth of the OKB coin. The price of the token is indeed up but the exchange still doesn’t permit withdrawals on the exchange. The administrator on OKEx’s Telegram chat said:

 “Apologize for the inconvenience caused. It is not available yet. Even though I’m unable to share a time frame right now, my team is trying our very best to resume full platform functionality.”