$ 22M in Bitcoin Sent from Huobi to …

$ 22M in Bitcoin Sent from Huobi to …

$ 22M in Bitcoin Sent from Huobi to OKEx Despite Impossibility of Withdrawal and New Detentions

Large volumes of bitcoins are moving from the Huobi cryptocurrency exchange to OKEx today. At the same time, withdrawal of funds from OKEx is temporarily impossible due to lack of access to private keys.

According to Whale Alert, 1,995 BTC ($ 22.5 million) was moved from Huobi to OKEx shortly after the publication of the official notice of the suspension of the withdrawal of crypto assets by the latter. The transfer was made in two transactions for 998 BTC ($ 11.3 million) and 997 BTC ($ 11.3 million), respectively. What was their sender guided by is not clear. Some suggest that this is a deferred translation.

As a result, the volume of bitcoins on OKEx, which is one of the largest cryptocurrency exchanges, has increased. According to Chain.info, OKEx cold, hot and deposit wallets currently hold 276,184 BTC. Outflow from OKEx in the last 24 hours amounted to 6,269 BTC.

Meanwhile, new details of what is happening with OKEx appear, but they still remain at the level of rumors. As the trading company frxresearch reports with reference to HuoXing CaiJin News and Sino Global Capital CEO Matthew Graham, who is well aware of the situation of the cryptocurrency industry in China, the founder of OKEx Star Xu was released from the police, but two other leaders of the exchange were detained.

$ 22M in Bitcoin Sent from Huobi to ...

A source familiar with the situation argues that the current case may not be related to OKEx itself, but rather to the money Xu borrowed to acquire the stock-listed LEAP Holdings Group in 2019. Some of this money was allegedly received from an “illegal financier” against whom the investigation was directed..

Graham also shared the details of the correspondence with OKEx, where an exchange representative states that they are not currently affiliated with Xu and that their CEO is another person, Jay Hao, which is consistent with publicly available information..

$ 22M in Bitcoin Sent from Huobi to ...

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