Return of OKEx. Is the exchange a thing of the past?
The cryptoindustry is beautiful in its own unpredictability. Yesterday, a fairly large platform was making plans, developing and conquering new markets, and today users are en masse withdrawing funds from the project and refusing to cooperate with the company. Something similar, albeit on a smaller scale, is happening with OKEx right now. This infamous platform is finally back to work after a string of lawsuits. But users perceived the return of the company in two ways. Next, we will consider the consequences of courts, criminal prosecutions and make an objective forecast for the future of OKEx. So, without further ado, let’s get started.
A small help for those who did not monitor the status of the project
There is nothing wrong or surprising in the fact that a certain part of our audience does not follow OKEx. Nevertheless, we are simply obliged to describe the context of the discussed events. For a better perception and detailed analysis of the current state of the project, we recommend that you read a separate article on this topic. But, in a few words, the Chinese stock exchange OKEx has become involved in a rather high-profile court case. Local police have detained key project representatives. Including the chief director of the company. The reason for the persecution is dubious transactions on a huge scale.
In a very short time, unknown users transferred large amounts of money through the platform. So it is not surprising that law enforcement officers became interested in the nature of the funds received. Allegations of money laundering and other financial fraud have been brought forward. As you can imagine, the precedent is quite serious. In order to calmly conduct the proceedings, law enforcement officers froze the money of OKEx users. Until now, account holders have been unable to withdraw funds from their own accounts.
But today, the withdrawal of funds began. And, judging by the current statistics, users have already managed to withdraw more than 2,000 Bitcoins from their accounts. More specifically, 2822 Bitcoins were withdrawn from the platform. Against the background of this event, the value of the first cryptocurrency dropped significantly in value. At the time of writing, Bitcoin was selling for $ 17,000. Note that a little earlier the price tag for the first cryptocurrency was $ 18,820. But the value is steadily rising and stabilizing at key resistance levels. However, this is not about BTC right now. What’s next for OKEx? More on this in the next section.
The future of OKEx is coming soon
In fact, it’s worth noting that despite a fairly serious outflow of cryptocurrency, the platform is still doing relatively well. Of course, the litigation hit the company’s reputation and recognition significantly. However, cold calculations show that the numbers are on the OKEx side. Online has not decreased much, so we can say that OKEx is far from being closed. However, the money that left the platform deserves special attention. Users transferred funds to Binance, Huobi and other platforms. The platform also plans to launch a special compensation program that will reimburse the expenses and damage of users who have lost funds during the blocking.
The company really responsibly approached its own audience. But we are confident that if the name OKEx appears again in the news headlines about prosecutions, it will be a disaster for the platform. Indeed, many users do not care which platform to trade cryptocurrency on. And it is obvious that the majority will choose the project that has an almost impeccable reputation. However, it is certainly difficult to talk about the future. We wish the OKEx project to go through difficult times and return to the status of a responsible, safe and innovative project.
It is extremely important to follow the crypto industry news to be the first to know about events such as the blocking of large companies. To do this, read our news articles. We publish only high-quality and interesting material. Thanks for attention. Good luck!