Crypto exchange OKEx just tested withdrawals as the service reopens by Friday

Crypto exchange OKEx has just successfully tested a withdrawal transaction, suggesting that the service could indeed resume by November 27, as previously announced.

On-chain data analytics platform CryptoQuant first noticed the transaction, where OKEx withdrew 0.02 bitcoin (worth about $370) from one of its wallets.


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As OKEx gets ready to reopen withdrawals, users could rush to liquidate their locked assets, which in turn, could impact markets.

OKEx first suspended withdrawals on October 16, after losing contact with one of its private key holders. The holder was assisting a police investigation in China. Some media reports claimed that OKEx founder Star Xu was the key holder, but OKEx has denied any connection with him.

Last week, OKEx said that it has always maintained 100% reserves, so there will be "no risk of bank run" after withdrawals resume.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.