Crypto exchange OKEx just tested withdrawals as the service reopens by Friday

Exchanges • November 23, 2020, 3:55AM EST
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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.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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