OKEx Funds On The Run: Crypto Users Panic As 24,000 BTC Moves

OKEx funds started moving and caused massive panic among the users as the 24,000 bitcoins are on the run as per the reports we have in our latest cryptocurrency news. The CEO of the company, however, claims there is no need for panic.

The crypto community spotted the movements from the platform and got scared of a possible hack. Jay Hao, the CEO of OKEX urged the community to calm down. Back on Wednesday, the Twitter user Whale Alert sounded the alarm and stated that more than 24,000 BTC is moving from OKEx to unknown wallets and this was combined with the value of BTC transfers which is more than $255 million according to the current prices. Whale Alert noticed there were only eight transactions with 3,000 BTC each. Besides the 100,000 ETH moved from OKEX to an unknown wallet in a single transaction, now other OKEx funds are on the run.

The community started to spread rumors that the platform got hacked. OKEx is one of the exchanges with the largest capacity in the world and it is one of the exchanges with largest trading volume so a potential hack could instantly cripple the price of the number one crypto asset but also the exchange as well. However, CEO Jay Hao explained that OKEx is just experiencing scheduled maintenance and he called the crypto community to stop worrying about the huge transfers.

The Whale Alert twitter account adopted the explanation that Hao gave and stressed that the transfers are a part of the OKEx’s maintenance. Despite the intervention, some of the users on Twitter were not satisfied with the statement. They want to know when was the maintenance scheduled and why the users were not informed and demand answers whether Okex is trying to cover up a major hack. On the other side, there are some users who accepted that OKEx is fine and the funds are in place.

As per the reports in some of the best cryptocurrency news, the crypto exchanges hacks are one of the biggest problems that scare the investors since in the last few years there were some major hacks that affected the reputation of many big names in the industry such as Binance and Coincheck. The exchanges use hot wallets which are prone to hacks since they are online. In order to increase security, the crypto operators are moving funds to cold wallets.