logo

Tron allows manual withdrawal for holders hit by OKEx asset suspension

wallet
  • Tron is offering users another way to transfer tokens from the OKEx exchange
  • New internal transfers complement existing 1:1 withdrawals
  • Chinese investigations into the OKEx exchange continue

Tron Foundation, one of the largest global blockchain-based operating systems, has updated its 20th October decision to allow manual internal transfers of Tron (TRX) tokens from the OKEx exchange (OK-TRX!). This was in response to OKEx, the second-largest cryptocurrency derivatives exchange, suspending all withdrawals on 16th October after a keyholder was described as ‘out of touch’ with the company.

Previously, the foundation had given enabled users to have unlimited 1:1 withdrawals. The community broadly welcomed this. Questions have been raised around the 1:1 token replacement plan regarding whether equivalent TRX tokens held on the OKEx exchange will be treated the same or frozen in the future.

The latest addition provides an internal transfer address account for users who want to withdraw their OK-TRX! more quickly. The internal transfer allows users to transfer to a Tron-affiliated mobile number and email from their OKEx app.

The foundation has stated that transfers should be completed within 24hrs, with the delay in arrival down to the fact the operation is manual. They claim this new addition should further protect users’ assets.

Tron and the OKEx investigation

Tron is in the process of trying to mitigate the damage the Malta-based exchange is involved in. There are suggestions the Chinese investigation into OKEx may be related to money laundering, which the Chinese government is currently cracking down on. As reported the OKEx exchange has seen a marked drop in value since last Friday, with its token price falling by 20%.

Tron has over 12million accounts with TRX trading pairs available on over 130 exchanges. The foundation says it is in negotiations with the OKEx exchange to further promote and protect users’ assets. Additional measures could well be introduced in the coming weeks.

Sophia Atkinson

Sophia Atkinson

An enthusiastic writer and analyst, Sophia worked in data and media consultancy before joining Cryptopolitan. She enjoys finding the crypto stories that matter and bringing them to readers. Outside of writing, Sophia plays saxophone in a Cuban big band.

Related News

Hot Stories

Blockchain industry has over 81 Million active users, reports show
Explained: 2 Important Ethereum priorities after The Merge
Kitsumon launches NFT land sale in partnership with top NFT and Gaming platforms
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
Dogecoin price analysis: DOGE peaks at $0.063, quickly tests $0.06  

Follow Us

Industry News

What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
What is happening with Nexo?
FTT burn Vs. BNB burn Vs. Shiba burn
Was the Wintermute hack an inside job?
Watch: Inside the Walmart Metaverse 2022