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Cryptocurrency exchange OKEx experienced a major bitcoin outflow minutes after lifting a five-week withdrawal hold at 08:00 UTC on Thursday.
Approximately 2,822 BTC was moved by OKEx to block number 658,728 mined at 08:12 UTC. This is the largest single block outflow since May 2019, according to blockchain analytics firm CryptoQuant.
Of the 2,822 coins withdrawn, 456 have been transferred to cryptocurrency exchange Binance and more than 400 have been moved to other exchanges. Meanwhile, 54 accounts or addresses have taken some coins into direct custody.
OKEx stopped withdrawals indefinitely on Oct. 16 after one of the key holders of the exchange went “out of contact” with the exchange because they were being held by the authorities to “assist an investigation.”
Some analysts have associated bitcoin’s recent soaring with 35-month highs of over $ 19,000 with a supply shortage due in part to OKEx’s suspension of cryptocurrency withdrawals. This is because the price hike started after OKEx’s decision dated October 16.
However, many market watchers see no good reason to link the latest price hike to OKEx’s problems. “The ‘perfect’ timing of OKEx’s suspension and the price hike could be purely coincidental,” Messari bitcoin analyst Ryan Watkins told CoinDesk.
Bitcoin plunged nearly $ 3,000 on Thursday, just before OKEx resumed withdrawals. It is also unclear whether the two events can be linked.
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