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OKEx has Reported Bitcoin Movements Worth $22 Million Even When they Have Frozen Withdrawal

Just recently, OKEx announced that they have started observing a large number of Bitcoin (BTC) transfers being made to their exchange. OKEx is a cryptocurrency exchange, which is well renowned for dealing mainly in Bitcoin (BTC).

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The cryptocurrency exchange revealed that despite their withdrawals service being frozen, they are observing Bitcoin (BTC) transfers from Huobi. Huobi is also a cryptocurrency exchange that is known for dealing mainly in Bitcoin (BTC).

Whale Alert, which is a cryptocurrency data tracking firm, recently, released some data around the same concern shared by OKEx. According to Whale Alert, there were a total of 1,995 BTC transacted from Huobi crypto-exchange over to OKEx. The total number of 1,995 Bitcoin (BTC) transferred makeup to be $22.5 million.

As per OKEx, it would have been a normal occurrence if the transfers were being made when the withdrawal freeze was not implemented. What has raised concerns for OKEx here is that the transfers are being made despite OKEx’s announcement on the 16th of October that withdrawals will be on freeze until further notice.

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According to the data shared by Whale Alert, the total number of Bitcoin (1,995 BTC) were transferred in two separate transactions. The first transfer made was of 998 BTC ($11.3 million) and the second transfer was of 997 BTC ($11.3 million) respectively.

Now the real problem is that why someone would transfer funds while OKEx has suspended the withdrawal option. Some analysts are of the opinion that BTC transfer might have been made before OKEx’s announcement and the BTC transferred after due to some BTC transaction delay.

This transfer from Huobi crypto-exchange to OKEx crypto-exchange has provided the latter exchange with a significant amount of Bitcoin (BTC). As per the crypto-data analyzing firms, OKEx is now managing a total of 276,184 BTC that makes up for a total of $3.16 Billion.

It was also added that these holdings are the accumulated figure from the deposit wallets, hot wallets, and cold vaults.

However, OKEx is currently in the process of investigating these transactions in collaboration with Huobi. They added that they will be sharing an update as soon as they are able to find something.

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Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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