Tag: OKExs

Trading Exchange Okex’s Crypto Reserves Nosedived After Withdrawals Opened

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Just recently, after the exchange paused cryptocurrency withdrawals, the trading platform Okex finally enabled digital currency withdrawals last Wednesday. Since then, the exchange seems to be experiencing an exodus of funds leaving, as onchain data shows Okex’s crypto-asset reserves like bitcoin, ethereum and tether have depleted considerably during the last ten days. Over the years a number of exchanges have had issues and have worried customers by stopping deposits and withdrawals for a period of time. Okex joined the list of exchanges that have halted withdrawals, as the cryptocurrency trading…

OKEx’s Trading Volumes and Tether Reserve Plunge on Possible User Exodus

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A sharp drop in OKEx’s trading volume and stablecoin reserves – tether (USDT) in particular – may reveal an ongoing exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks. Data from analytics service CryptoQuant shows that the amount of tether held in OKEx wallets has dropped to 6.69 million from 275.0 million between Nov. 25 and Dec. 1, down 97.6% in less than a week. Malta-based exchange OKEx has a large user base in China and tether, the world’s…

Despite New Incentives to Stay, Some of OKEx’s Chinese Users Are Determined to Leave

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The unexpected five-week-long suspension of OKEx’s crypto withdrawal service has left many of its users, largely based in China, disappointed and determined to leave or reduce holdings on the exchange when withdrawals resume sometime this week. “We will still trade on OKEx but our investment will be much more diversified and [we] will reduce our position on OKEx to about one-third of our previous one,” Alex Zuo, vice president of China-based crypto wallet Cobo, told CryptoX via WeChat. “Even though we think OKEx is still a trusted exchange, there will…

OKEx’s Withdrawal Suspension Isn’t Behind Bitcoin’s Rally: Analysts

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Bitcoin’s price has been up dramatically since the very day popular exchange OKEx announced the suspension of all crypto withdrawal service on its platform. However, while some tie the two together, many market observers do not see a reason to associate the latest price rally with OKEx’s issues. Bitcoin’s latest rally came after OKEx’s suspension on all crypto withdrawal.Source: CryptoQuant While the price of bitcoin gained significantly since the market sell-off in March, the most recent bullish run began just as OKEx said it suspended all crypto withdrawals because one…

OKEx’s Founder Released, Withdrawals & Other Services to Resume on Exchange

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Good news for all OKEx users as the crypto exchange seems to have been granted temporary reprieve from the legal developments that have played out over the last two weeks. Following news of the release of OKEx’s founder, the exchange platform intends to resume withdrawal and other functions on November 27, a week from now. This means users will finally regain full access to their assets after the exchange suspended several functions on October 16. “Presently, one of OKEx’s private key holders has completed assisting the authorities in a previously…

Blockchain Bites: Ripple’s MoneyGram Pump, OKEx’s Bitcoin Cash Plan, Bitcoin’s Birthday

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Ripple has invested over $50 million in remittance firm MoneyGram over the course of the firms’ working relationship. Forbes published an investigation detailing the byzantine corporate structure Binance may have created to avoid U.S. regulations. Ether grew as a share of Genesis Capital’s total loan book.  Top shelf No offensesInvestors who say they lost around £100,000 ($130,000) in an alleged cryptocurrency Ponzi scheme will not see remuneration after bringing their claims to the police. According to an investigation by the Metro newspaper published Tuesday, a number of investors said they had invested…

Blockchain Bites: Ripple’s MoneyGram Pump, OKEx’s Bitcoin Cash Plan, Bitcoin’s Birthday

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Ripple has invested over $50 million in remittance firm MoneyGram over the course of the firms’ working relationship. Forbes published an investigation detailing the byzantine corporate structure Binance may have created to avoid U.S. regulations. Ether grew as a share of Genesis Capital’s total loan book.  Top shelf No offensesInvestors who say they lost around £100,000 ($130,000) in an alleged cryptocurrency Ponzi scheme will not see remuneration after bringing their claims to the police. According to an investigation by the Metro newspaper published Tuesday, a number of investors said they had invested…

OKEx’s OKB Crypto Slides Another 20% as Fears Around Exchange Fester

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Earlier this week, it was revealed that OKEx had frozen all crypto withdrawals from its platform over concerns about a private key holder. OKEx is a leading crypto-asset exchange that processes a material percentage of the spot and futures volume in the industry. OKEx said that one of its private key holders was working with a public security bureau. He had been out of contact since he started working with the bureau, so they could not process withdrawals. As a result of this news, the price of OKEx’s native OKB…

Customer Service Is Key, According to OKEx’s CEO

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OKEx CEO Jay Hao recently noted customer service as a pivotal aspect of business, as part of an interview with Cointelegraph’s Jeffrey Albus.  “I think definitely customer service is crucially important,” Hao said. “After all, the customer is king.” The crypto space is still young The crypto industry arguably began with the inception of Bitcoin more than 10 years ago. As part of a young sector, many crypto and blockchain companies are still finding their sea legs in their products, services and offerings, while others look to perfect their operations.…

Sharing Thoughts on Security, OKEx’s Jay Hao Says Customers Come First

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Jay Hao, the CEO of the digital asset exchange OKEx, took part in Cointelegraph China HUB, an online interview column started by Cointelegraph China. In the past, Hao has stated that blockchain will eliminate transaction barriers, improve efficiency and ultimately impact the development of the global economy. But what does he think about the world of blockchain now? Cointelegraph: Is cryptocurrency a niche industry developing with uncertainty and volatility? And how did OKEx overcome the volatility of the industry to become one of the top exchanges? Jay Hao: As you…