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When Will Okex resume Withdrawals
One of the most popular exchange Okex suspended the withdrawals from its platform a couple of days before. It cited that the key holder who authorizes the transactions is out of reach having no communication with the exchange authorities.
However, later the exchange informed the community that the keyholder is cooperating with the government authorities regarding some case which is nowhere connected to the exchange. In such a case, the withdrawals had to be resumed within 24-48 hours.
But now, it is more than 4 days, the exchange is yet to give any official update on the withdrawals increasing the FUD among the traders.
The CEO of Okex tweeted that, since the suspension of withdrawal, on-chain analysis shows no out-flow of funds from the exchange, rather the inflow has been on continuous rounds. Hence the user funds are safe and remain untouched.
No on-chain out-flow from @OKEx has taken place since withdrawals were suspended on 10/16. Instead, there's been continuous on-chain in-flow to OKEx.(source: glassnode)
— Jay_OKEX_CEO (@JayHao8) October 20, 2020
Your assets are safe. We'll do our best to resume withdrawals ASAP. pic.twitter.com/TKjRnimxQG
OKB coin plunges to record levels
Following the announcement of the suspension of withdrawal, initially the dominant crypto Bitcoin plunge remarkably. Also the native token of Okex exchange, OKB also dipped significantly. However, Bitcoin managed to recover from losses in a very small time frame but OKB still waiting to enter the retracement phase.
It seems that OKB requires an official announcement may help the digital asset to surge to some levels higher than the current level. Currently, OKB is priced at $4.61 with a dip of 0.4 percent in the last 24 hours and more than 20 percent since the announcement.
Collectively, Okex needs to explain the users about the updates and also present an official announcement to the users so that the users do not fall into FUD.