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Crypto investors move Bitcoin from OKEx after platform reactivates withdrawal function

Platform experience biggest Bitcoin outflow this year after OKEx resumes withdrawal function.

Image by WorldSpectrum from Pixabay

Fri, 27 Nov 2020, 03:53 am UTC

After weeks of waiting, crypto investors are finally able to make withdrawals from the OKEx platform. However, it appears that the resumption of its withdrawal feature could be problematic for the platform as initial data suggests that clients are withdrawing their Bitcoin (BTC) holdings and transferring them to other cryptocurrency exchanges.

OKEx finally fulfilled its previous promise of reactivating the withdrawal function of its platform before the end of the month. After a five-week suspension on user withdrawals, the crypto exchange resumed processing withdrawals at 8:00 am UTC on Thursday, November 26, Cointelegraph reported.

OKEx made the announcement to resume normal operations last week. The crypto platform also announced a user compensation and loyalty rewards program to express its gratitude to customers who were affected by the disruption of its services.

“For users whose assets exceeded 10,000 USDT before 4:00 pm UTC on Nov. 23, OKEx will issue a commission rebate card valued between a minimum of 100 USDT and a maximum of 1,000 USDT,” the exchange said in a blog post.

OKEx also promised rewards via a one-time payment to those who made deposits, traded, or held tokens during the time that the withdrawal option was deactivated based on their assets transaction histories. “For OKB holders, the value of their OKB (in USDT) will be doubled in the asset weight calculation process,” the platform added.

However, OKEx’s efforts to appease its clients might not be enough to stop the anticipated withdrawals. Shortly after the function resumed, clients have been withdrawing their funds from the platform resulting in the exchange’s biggest Bitcoin outflow in six months, according to Coindesk.

Data from blockchain analytics firm CryptoQuant shows that “the first OKEx outflow after the withdrawal opening hit 2,822 BTC by the block time frame” which happed at 8:12 UTC. This is “the year-high in the block time frame” and the biggest single block outflow since May 2019.

A total of 456 BTCs of the 2,822 coins withdrawn were moved to the crypto exchange Binance. Meanwhile, more than 400 BTCs were transferred to other exchanges which sparked speculations that OKEx's previous deactivation of its withdrawal function might have caused some clients to lose confidence in the exchange.

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