OKEx’s Trading Volumes and Tether Reserve Plunge on Possible User Exodus
A sharp drop in OKEx’s trading volume and stablecoin reserves – tether 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.
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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....
Exodus, the multi-asset wallet with a strong design and usability emphasis, now includes ShapeShift built-in. This allows users to trade between blockchain assets without leaving the wallet app. In-App Trading. ShapeShift.io announced the move on October 5, saying it had worked with Exodus since late 2015 to integrate its API. Exodus users can maintain....
Huobi, one of OKEx’s biggest competitors, ensured its users that its platform is “currently operating normally,” after OKEx announced that it has suspended all cryptocurrency withdrawals indefinitely.
OKEx’s secrecy around locking customer withdrawals has led to misinformation and confusion around what’s happening with the exchange. For nearly a week, uncertainty as to why OKEx suddenly suspended its cryptocurrency withdrawals on Oct. 16 has lingered on. The ongoing suspension has been puzzling to many, but the exchange’s representatives maintain that the move was solely because one of the company’s private key holders has been cooperating with a Chinese public security bureau. With one of OKEx’s three keyholders now in question, the exchange’s multisignature authorization process....
The issue of trade volume authenticity on Chinese exchanges has surfaced again, with one user accusing the country's busiest exchange OKCoin of manipulating volumes after bitcoin statistics sites displayed a sharp drop in a short period. Chinese exchanges including OKCoin have been accused in the past of artificially inflating their trade volumes and even influencing prices by using in-house software 'trading bots'. The exchanges have always categorically denied this, saying high volumes are the result of their low (or absent) trading fees. Sudden decline in volume. Reddit user....