• Information relating to the OKEx founder being arrested by the Chinese language authorities has created some concern amongst crypto buyers
  • He holds the keys to the cryptocurrency that’s locked inside the platform, making it unattainable for the trade to conduct any withdraws whereas he’s in police custody
  • Though the bull case is that this might cut back the availability of BTC circulating in the marketplace, it could additionally strike a heavy blow to buyers who used the platform
  • It may additionally rock investor’s religion in centralized exchanges
  • One analytics agency defined that their knowledge suggests there may be 200,000 Bitcoin locked inside the platform – a staggering quantity

Bitcoin’s worth has been going through heightened promoting stress all through the previous few hours as a result of latest information surrounding the arrest of the OKEx founder.

OKEx is without doubt one of the largest crypto buying and selling platforms in Asia, alongside Huobi and Binance.

Final evening, information broke that the founding father of the platform had been arrested by Chinese language authorities and may now not conduct any withdraw authorizations as a result of him being the one key holder for the trade’s wallets.

Some buyers are involved that this can signify a brand new wave of regulatory crackdowns in China and strike a blow to Bitcoin buyers and merchants who had been utilizing the platform.

OKEx Halts Crypto Withdraws Following Founder’s Arrest

Info surrounding the arrest of the OKEx founder is considerably restricted on the time, with some reviews suggesting that he was arrested weeks in the past.

In a publish printed simply hours in the past, the platform particulars how he usually has to conduct withdrawal authorizations, with the newest one – which might usually happen at present – not occurring as a result of him nonetheless being in police custody.

This has brought on all of the crypto inside the platform to be locked, though customers can nonetheless commerce.

Glassnode: 200,000 Bitcoin Presently Locked Inside OKEx

One analytics agency explained that knowledge suggests there’s presently 200,000 BTC locked inside the platform in a latest tweet.

This can be a staggering quantity, and the impacts of this both being completely locked or seized by the Chinese language authorities has created some concern amongst buyers.

“In keeping with our knowledge, round 200,000 BTC (1.1% of the circulating Bitcoin provide) are presently held in OKEx wallets. That’s round $2.three billion price of BTC saved within the trade’s vaults.”

Bitcoin

Picture Courtesy of Glassnode.

Bitcoin’s worth has remained steady regardless of this information, however it’s unclear as to how lengthy this stability will final as this case continues growing.

Featured picture from Unsplash.

By Alex

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