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Analytics Firm: 200,000 Bitcoin is Currently Locked Within OKEx’s Wallets

Analytics Firm: 200,000 Bitcoin is Currently Locked Within OKEx’s Wallets

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Analytics Business: 200,000 Bitcoin is Currently Locked Within OKEx’s Wallets

  • News concerning the OKEx founder being detained by the Chinese government has created some fear amongst crypto investors
  • He holds the keys to the cryptocurrency That’s locked within the platform, making it impossible for your exchange to run any withdraws while he is in police custody
  • Although the bull case is that this could reduce the supply of BTC circulating on the market, it would also strike a heavy blow to investors who used the platform
  • It could also rock investor’s faith in centralized exchanges
  • One analytics company explained that their data indicates there’s 200,000 Bitcoin locked within the platform — a staggering number

In a post published just hours before, the platform details how he regularly has to run withdrawal authorizations, with the newest one — which would normally occur now — not occurring due to him still being in police custody.
Bitcoin’s price has been facing heightened selling pressure throughout the past few hours because of recent news surrounding the arrest of their OKEx founder.
This has caused all of the crypto within the system to be locked, although users can still trade.

OKEx Halts Crypto Withdraws After Creator’s Arrest

This is a staggering number, and the consequences of this either being permanently locked or captured by the Chinese government has created some fear among investors.
Information surrounding the arrest of this OKEx founder is somewhat limited at the time, with some reports suggesting he was detained weeks ago.

Featured picture from Unsplash.

Some investors are concerned that this will represent a new wave of regulatory crackdowns in China and strike a blow to Bitcoin investors and investors who were using the system.

Last night, news broke that the creator of the platform had been detained by Chinese authorities and can no longer run any draw authorizations because of him being the sole key holder for the market’s wallets.
One analytics company explained that data suggests there is currently 200,000 BTC locked within the platform in a recent tweet.

That is around $2.3 billion worth of BTC saved in the market’s vaults.”
Bitcoin’s price has remained steady despite this information, but it’s uncertain as to how long this stability will last as this situation continues developing.

Bitcoin

OKEx is one of the greatest crypto trading platforms in Asia, together with Huobi and Binance.

Published at Fri, 16 October 2020 23:00:52 +0000

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