Despite Suspended Crypto Withdrawals, OKEx Receive $22 Million Worth of Bitcoin From Huobi

October 18, 2020 3:15 PM UTC

Amid the ongoing legal investigation, which resulted in the suspension of digital assets withdrawal, the giant cryptocurrency exchange OKEx has received 1,995 Bitcoin. 

As per data from Whale Alert, rightly after OKEx announced to suspend withdrawal service, $22 million worth of Bitcoin transferred from Houbi to OKEx. Two transactions were recorded to complete the transfer. At first, 3.50 am EST, 998 BTC worth $11.3 million were deposited. Second at 06.20 am EST, 997 BTC worth almost $11 million were sent, as highlighted by the report.

It observed that Huobi transactions significantly pushed the number of Bitcoin OKEx’s total BTC balance. OKEx holds over 276,00 BTC on its hot wallets, deposit wallets, and cold vault, as per ChainInfo data. However, Coinbase drives the market by holding 994,904 Bitcoin, worth $11 billion, in cold storage.

OKEx Send 3500 BTC Even After Freezing Crypto Withdrawal

Whale Alert highlighted another BTC transaction, but this time assets left OKEx. Approximately 3500 BTC valued over $39,600,000 transferred to Binance from OKEx. “We suspect these are internal exchange transfers. We are investigating the matter right now,” tweeted Whale Alert. 

While responding to a 3500 BTC transfer, an OKEx spokesperson explained, “OKEx’s wallet team has confirmed that the origin wallet addresses in said transactions do not belong to OKEx. The chief economist at major blockchain analytics firm Chainalysis also confirmed in a tweet today that the transactions in question had been ‘mislabelled’ and were not in fact from OKEx.” 

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