10k Bitcoin (BTC) Left OKEx 48hrs Before Withdrawals Were Suspended
3 min readTable of Contents
Quick take:
- Data from Glassnode shows that 10,000 Bitcoin (BTC) left OKEx 48 hours before withdrawals were suspended
- Approximately $2.3 Billion in Bitcoin is held in OKEx BTC wallets
- Whale Alert bot has flagged 5,000 BTC leaving OKEx and into Binance after withdrawals were suspended
- The events leading up to and after the suspension of crypto withdrawals at OKEx continue to create more questions than answers
Earlier today, the crypto-verse was awakened by the sudden suspension of crypto withdrawals at the OKEx crypto exchange. The team at OKEx soon provided an explanation that one of the individuals responsible for the private keys at the exchange, was aiding authorities with investigations in mainland China.
10,000 Bitcoin (BTC) left OKEx 48 hrs before Withdrawals Were Suspended
According to the team at Glassnode, there were two large outflows of Bitcoin from OKEx 48 hours before the crypto-verse was notified of suspended crypto withdrawals. The data from Glassnode shows that 10,000 BTC left the exchange and has been visualized through a chart in the tweet below.
Prior to the suspension of cryptocurrency withdrawals from #OKEx, we observed large BTC outflows from the exchange.
According to our data, a total of 10,000 BTC (~$113 million) were withdrawn in two large batches in the past 48h.#Bitcoin
Live chart: https://t.co/uMpGQIpIxN pic.twitter.com/I37lyKmcKI
— glassnode (@glassnode) October 16, 2020
OKEx Holds 200,000 BTC in its Vaults
Furthermore, the team at Glassnode has explained that approximately 200,000 Bitcoin is currently held in OKEx’s vaults. This amount is worth roughly $2.3 Billion and represents 1.1% of Bitcoin’s circulating supply. The team shared this information via Twitter with an accompanying chart giving an exact figure of 201,981 Bitcoin held at OKEx.
According to our data, around 200,000 BTC (1.1% of the circulating #bitcoin supply) are currently held in #OKEx wallets.
That is around $2.3 billion worth of $BTC stored in the exchange's vaults. https://t.co/xfOmlZyWbY pic.twitter.com/g2roJgFxNP
— glassnode (@glassnode) October 16, 2020
5,000 BTC Moved from OKEx to Binance
Also today, the popular Whale Alert bot on Twitter highlighted a transfer of 5,000 Bitcoin (BTC) from OKEx to Binance. This transaction has puzzled many crypto enthusiasts and traders since withdrawals are still suspended at OKEx. Below is the alert from @whale_alert bot.
— Whale Alert (@whale_alert) October 16, 2020
There is More than Meets the Eye With OKEx
As far as Bitcoin on-chain data goes, the movement of 10,000 Bitcoin from OKEx before withdrawals were suspended raises the question as to whether the exchange’s security was compromised. Additionally, OKEx holds a very large amount of Bitcoin that could be at the mercy of malicious actors if this is indeed a hack.
Thirdly, the movement of 5,000 Bitcoin after withdrawals were suspended raises more eyebrows from the keen crypto investor. Could it be that withdrawals are still active for some OKEx traders? Or is it an arrangement between the two exchange of OKEx and Binance? Could there be a malicious actor in the equation?
In conclusion and based on additional on-chain Bitcoin data, the situation at OKEx might be more complex than the initial information makes it seem. Perhaps the best approach would be to wait for the full story to unravel in the hours and days ahead.
