• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Exchange News

False alarm: OKEx crypto exchange is not moving funds to Binance

Bilal Ahmed by Bilal Ahmed
October 16, 2020
in Exchange News
2 min read
False alarm: OKEx crypto exchange is not moving funds to Binance
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

OKEx crypto exchange seems to be facing a difficult situation as it lost contact with one of its private key holder. However, the situation became more complicated when reports emerged claiming that the firm’s founder Xu Mingxing was detained by the police a week ago and has not returned since.

Now, Whale Alert reported a transaction moving 5000 BTC (around $57 million) from an address belonging to OKEx to a Binance address. However, there seems to be a misunderstanding here.

OKEx Crypto exchange’s complicated circumstances

The exchange claims to have lost contact with the person holding private keys to the exchange’s blockchain address. Subsequently, the company paused withdrawals while other activities, including trading, deposits, and derivatives remain operational.

RelatedPosts

Kraken predict Bitcoin price next surge is to $90,000

Brian Armstrong set to launch billion-dollar Coinbase stock

Upcoming Uniswap V3 to provide flexible fees and 4,000x more capital efficiency

OKEx Korea to shutdown amid regulatory and business challenges

Whale Alert reported two transactions moving BTC from OKEx addresses to Binance carrying 5,000 BTC and 3,500 BTC respectively. The two transactions collectively moved more than $96 million worth of cryptocurrency between the addresses.

However, OKEx had stopped withdrawals due to losing access to its private keys, so why would it suddenly move a huge sum to Binance?

OKEx is not the one moving BTC to Binance

The Director of Financial markets at OKEx crypto exchange, Lennix Lai revealed that the addresses moving the Bitcoin did not belong to OKEx.

This fact was also corroborated by an executive at blockchain forensics company Chainalysis. Chief Economist Phillip Gradwell reacted to Whale Alert’s post and stated that the transaction was mislabeled. He added that the transfer did not take place between OKEx and Binance.

Statistics on blockchain tracking platform ChainInfo proved that OKEx was not involved in these transactions. Data showed that while the exchange saw an outflow of over 6000 BTC, the exchange did not cause large-scale movements to Binance.

Meanwhile, a representative from the OK Group refused to comment regarding the situation stating that OKEx crypto exchange is a “separate entity from OK Group.”

Tags: Binance Tradingokex
Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

Related Posts

Kraken
Exchange News

Kraken predict Bitcoin price next surge is to $90,000

April 10, 2021
Brian Armstrong
Exchange News

Brian Armstrong set to launch billion-dollar Coinbase stock

March 24, 2021
Upcoming Uniswap V3 to provide flexible fees and 4,000x more capital efficiency
Exchange News

Upcoming Uniswap V3 to provide flexible fees and 4,000x more capital efficiency

March 24, 2021
OKEx Korea to shutdown amid regulatory and business challenges
Exchange News

OKEx Korea to shutdown amid regulatory and business challenges

March 23, 2021
US exchange, Coinbase postpones its direct listing to April
Exchange News

US exchange, Coinbase postpones its direct listing to April

March 20, 2021
Jump Trading invests in fan token platform Chiliz
Exchange News

Kraken to consider direct public listing in 2022

March 17, 2021

Follow Us

  • 51k Fans
  • 8.3k Followers

Latest News

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI

April 12, 2021
bitcoin mining

How does Bitcoin Mining Work?

April 12, 2021
Binance coin

Binance coin surges as Nasdaq prepares for Coinbase listing

April 12, 2021
Chainlink Price Prediction 2021-04-12

Chainlink price prediction: Chainlink continues trending higher, preparest to test resistance at $35

April 12, 2021
Binance Coin price

Binance Coin price prediction: BNB to face rejection at $600 as bulls stumble

April 12, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 1

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.