OKEx users pulls crypto off exchange as withdrawals resume. After a five-week suspension of all customer withdrawals, OKEx’s cryptocurrency exchange resumed its regular services at 8:00 a.m. UTC on Nov. 26.
Having announced the re-opening last week, OKEx then suggested that it would initiate a reimbursement and rewards scheme to show its appreciation to customers for holding out during the disruption.
These programs include commission rebate cards denominated in Tether (USDT), a one-time compensation payment based on users’ asset and transaction histories, and a doubling of the asset weight calculation for holders of the exchange’s native token, OKB.
Despite these efforts, today’s data demonstrates that the programs have not been enough to forestall users from withdrawing their funds, having apparently lost confidence in the exchange.
While withdrawals have not been open for long, some telling initial data is emerging on social media transaction trackers. Mason Jang, the chief operating officer of Crypto Quant, tweeted stats.
More data from CryptoQuant shows that “the first OKEx outflow after the withdrawal opening hit 2,822 BTC by the block time frame,” which is “the year-high in the block time frame”. Crypto tracking service Whale Alert also traced at least a couple of high-value transactions within an hour of withdrawals opening.