OKEx Token Crashed After The Founder Got Taken Away By Police

The OKEx token OKB, crashed after the founder of the exchange got taken away by the police and the platform paused deposits so let’s read more in our latest crypto news today.

The western traders of the OKB token which is minted by the crypto exchange OKEx will soon be met with the price crash while the traders in the East already saw the market analysis as the day progresses and the coin could continue falling. The coin continued its drop yesterday prompted by the announcements of the Malta-based exchange which suspended the withdrawals after the Chinese police took away the founder in custody one day before.

We'd like to officially clarify: Withdrawals from @OKEx are still temporarily suspended, but all other operations are running smoothly. User funds are safe. Please check back here for the latest updates.

Updated statement: https://t.co/t4bifbtEC0

— OKEx (@OKEx) October 16, 2020

Yesterday afternoon, the token hit the bottom as the traders concluded that the price doesn’t deserve to fall further. The coin dropped from about $6 to about $4.13 according to the metrics site CoinMarketCap. On Sunday, the price increased slightly to $4.4 but the market took issue with the price increased and dropped to $4.21. Today the market tried to edge the price upward again with the price sitting at $4.37 but nothing more for now. The exchange has not issued announcements after the suspension of the withdrawals apart from the announcement for the adjustment to fees for an obscure financial instrument for traders buying and selling Filecoin which is a coin launched earlier this week that raised $200 million in an Initial Coin offering three years ago.

Okex said that its other functions remain stable and that the customers’ funds are safe. The community events remain unaffected since the AMA-Riofuel took place on Thursday and today is the OKEX price Prediction eTH that is still anticipated. In the Telegram chat, the administrators attempted to quell frustration by telling the customers that the exchange is in the middle of processing and that the customers should wait for more updates regarding the withdrawal issues.

As reported, Crypto exchange OKEx halted the withdrawals after the founder and private key holder Xu Mingxing was arrested. The founder is now reportedly cooperating with the Chinese Police. Right after he was arrested, OKEx halted all withdrawals, and now resuming BTC withdrawals remains unresolved. The users of the exchange will have to be okay with a little ambiguity over the weekend at least until there’s more information about why the exchange’s founder was taken away by the Chinese police.