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Withdrawals resumed, OKEx Bitcoin outflows spiked quickly

Weeks ago, OKEx halted the crypto-assets withdrawal in the absence of its private key holder, Star Xu. After he returned, the exchange has reopened all assets withdrawal today. But the rate of OKEx Bitcoin outflows from the exchange has risen incredibly after the function has reopened.

Reports show that about 2,822 BTC amounting to about $48.7M at the current price of $17,269 was moved from the exchange a few minutes after the withdrawal services resumed. CryptoQuant showed that the OKEx Bitcoin outflows were the most massive single-block outflow seen after May 2019.

Besides Bitcoin’s collapsing price, the surge in OKEx Bitcoin outflows suggests that the users are still in a panic.

OKEx Bitcoin outflows surged to May 2019 level.

The suspension of the withdrawal service on October 16 got most of the exchange users worried about the security of their coins. The announcement caused a considerable drop in the exchange’s native token price, named OKB Coin. Having been locked out of their cryptos in a month, the users tend to be switching to other exchanges, as shown from the Bitcoin transfer.

Around 456 BTCs have reportedly been transferred to Binance alone, while some exchanges gained around 400 BTCs. Some coins also moved to about 54 addresses for direct custody. Take note that OKEx is not the only company that experiences massive outflows of Bitcoin. Before its resumption, around $1.1B were moved from the exchanges in the past 24 hours.

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