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OKB Token Makes Bearish Run To Compound OKEx Woes

The native coin of OKEx, OKB has undergone a rapid decline in the market after deposits and withdrawals were paused.

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Traders of OKB will be ruing their losses when they discover the current price of the token. The coin has since lost a decent percentage of its value after the Malta-based exchange announced that it had suspended withdrawals. This is coming after the founder of the crypto exchange was arrested and taken to the police station. In their statement, the firm announced that withdrawals were still suspended for the main time but all other services are still up and running.

Traders worry at the rate of decline of the OKB token

Meanwhile, the firm has assured users that their funds are still very safe on the platform, and they have no cause to worry. The firm asked users to keep visiting their official Twitter page for updates. Yesterday saw OKB hit another lower region as analysts said that the price of the coin was not expected to fall any further.

The coin is trading around the $4 mark, a drastic fall from its previous $6 price. Towards the latter part of Saturday and the earlier part if Sunday, the cost of the coin made a little improvement to rest on the $4.4 price mark, but market forces were against the coin as it went back to $4.2.

Presently, the coin is trying to make another surge with its current price around the $4.3 region, but traders will have to keep their fingers crossed on how things will develop from there. The exchange, in turn, has not yet released an update on withdrawals apart from Friday’s announcement where they announced an adjustment in the fees for traders purchasing Filecoin. Filecoin, the coin that gathered almost $200 million in an Initial Coin Offering (ICO) about three years ago was just launched recently on the exchange platform.

OKEx assures users that withdrawals would commence soon

OKEx also talked about the stability of its platform and expressed regrets on the latest withdrawal issue while assuring its users that they were going to be able to withdraw their assets in due time. Furthermore, the firm also confirmed that its community events were not affected and would go on as scheduled.

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Two of such events, “Thank God Its Flying” and “AMA-Riofuel” took place without any issues, and another event is expected to take place today. The new “OKEx Price Prediction-ETH” is the most anticipated event in the OKEx user community and will go on as planned today barring any last-minute changes or cancellation.

There has been several calling out and unrest in its official telegram channel for community members as they are growing frustrated as the days roll by. To tackle the commotion, the administrators in the group are currently doing their best as they have implored the members to be patient with the firm and wait for updates as regards withdrawals.

Answering a question by a user, Hein Zaw Aung, where he asked about the withdrawal the issue, an admin was quick to tell him to exercise patience and allow the firm to fix the problems.

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Adebayo Owotunse

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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