Saturday, May 15, 2021

$22M in Bitcoin moves from Huobi to OKEx

Large transactions of Bitcoin has moved from Huobi to OKEx. This is despite the temporal suspension on crypto withdrawals on the OKEx platform.

According to data gotten from Whale Alert, a total of 1,995 Bitcoin ($22.5 million) was sent from Huobi to OKEx. This move happened shortly after OKEx officially announced it was suspending withdrawals on Oct. 16.

The funds were transferred in two separate Bitcoin transactions worth 998 BTC ($11.3 million) and 997 BTC ($11.3 million). The transfer happened at 3:51 a.m. EST and 06:22 a.m. EST, respectively.

The transfers raise some questions as 1,995 BTC is now locked on the platform due to the platform temporarily blocking crypto withdrawals.

The transactions from Huobi bring a significant amount of Bitcoin to OKEx’s total BTC balance. According to data from Chain.info, OKEx now holds a total of 276,184 BTC on its cold vault, hot wallets, and deposit wallets. A total of 6,269 BTC left OKEx over a 24-hour period.

Related: Best Cryptocurrency Exchange in 2020

Approximately five hours later, Whale Alert sounded the horn on another large BTC move. However, this time the funds seemingly somehow left OKEx, amid closed withdrawals. Someone sent 3,500 Bitcoin, worth roughly $39,627,432 at the time of transfer, to Binance from OKEx. This transactions could be internal exchange transfers.

Referring to the 3,500 Bitcoin OKEx withdrawal tweet from Whale Alert, the OKEx’s wallet team explained the transactions.

The team further 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.” 

It should also be noted that the founder of OKEx Star Xu was recently questioned by the police.

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