Lots Of Bitcoins Return To OKEx Despite Heavy Outflows

Lots of Bitcoins returned to OKEx despite the heavy outflows that happened after the exchange halted all withdrawals as we reported previously in the latest crypto news.

The users that withdrew all of the coins ran for exists after OKEx reopened the withdrawal services a day ago with more than 29,300 BTC leaving the exchange according to the data from Glassnode. However, a huge amount of Bitcoin was deposited in the same timeframe as well. 21,600 BTC were deposited on the exchange yesterday in the same period as the withdrawals. This means that about 7,700 BTC were withdrawn than arrived on the platform.

Since yesterday's announcement from #OKEx to resume withdrawals, we have seen an outflow of 29,300 $BTC from the exchange.

In the same time period 21,600 BTC have been deposited, reducing the exchange's balance to ~212k BTC.#Bitcoin

Live chart: https://t.co/sV7P8QrJgU pic.twitter.com/5kGzX4DYdY

— glassnode (@glassnode) November 27, 2020

Despite the coin exodus, OKEx continued to sit on about 212,000 BTC or about 1.1% of the total circulating supply of the asset. OKEx ceased all withdrawals last month after the co-founder Star Xu was taken into custody by the Chinese authorities. The absence of Xu who is the holder of the private keys of the exchange that are mandatory for processing withdrawals meant OKEx users were left on the sidelines for more than 30 days. The users were able to deposit, trade, and invest but not take out any of the funds. Xu was released last week and the exchange made a few changes to the way its private keys are now handled.

In the meantime, the move coincided with a near 10% drop in BTC prices as the asset traded at more than $19,300 yesterday but saw a sudden drop during the Asian trading hours to as low as $16,200. The dip was temporary with BTC gaining in the US session and finishing the day at more than $17,150 while BTC trades at $16,888 getting down by 1.9% from yesterday.

As reported previously, 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 .
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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.