Bitcoin Transaction Moves From Huobi To OKEx Despite Crypto Withdrawals
Bitcoin Transaction Moves From Huobi To OKEx Despite Crypto Withdrawals
October 17, 2020
Bitcoin Transaction Moves From Huobi To OKEx Despite Crypto Withdrawals
Bitcoin Transaction Moves From Huobi To OKEx Despite Crypto Withdrawals
October 17, 2020

Bitcoin (BTC) transactions are moving from Huobi cryptocurrency exchange to OKEx despite the second exchange having temporarily suspended crypto withdrawals.

It has been reported by crypto tracking service Whale Alert that a total of 1,995 BTC ($22.5 million) was sent from Huobi to OKEx shortly after OKEx officially announced it was suspending withdrawals on October 16.

However, the funds were transferred in two separate BTC transactions worth 998 BTC ($11.3 million) and 997 BTC ($11.3 million) at 3:51 a.m. EST and 06:22 a.m. EST.

As per the report, the transfers raise some questions as 1,995 BTC is now locked on the platform due to the platform temporarily blocking crypto withdrawals.

Someone from the crypto community commented on Twitter:

“Dude go the opposite way,”

Others suggested that the issue could be a result of delayed BTC transactions.

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The transactions from Huobi bring a significant amount of Bitcoin to OKEx’s total BTC balance.

According to data from BTC balance-based exchange ranking, OKEx now holds a total of 276,184 BTC on its cold vault, hot wallets, and deposit wallets.

Also, Whale Alert sounded the horn on another large BTC move, but this time the funds seemingly somehow left OKEx, amid closed withdrawals. Someone sent 3,500 Bitcoin, worth around $39,627,432 at the time of transfer, to Binance from OKEx.

Whale alert tweeted:

“We suspect these are internal exchange transfers. We are investigating the matter right now.”

While referring to the 3,500 BTC OKEx withdrawal tweet from Whale Alert, a public statement from OKEx explained:

“OKEx’s wallet team has confirmed that the origin wallet addresses in said transactions do not belong to OKEx. The chief economist at major blockchain analytics firm Chainalysis also confirmed in a tweet today that the transactions in question had been ‘mislabelled’ and were not in fact from OKEx.” 

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.