$22M in Bitcoin Transferred From Huobi to OKEx Despite Recent Withdrawal Suspension

By Robin Wong | October 18, 2020
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OKEx are reportedly being in charge of facilitating major Bitcoin (BTC) transactions from Huobi crypto exchange, despite having temporarily shut down its crypto withdrawals feature. 

Specifically, a total of 1,995 BTC ($22.5 million) was reportedly transferred from  Huobi to OKEx, not long after OKEx’ announcement to temporarily shut down withdrawing features on October 16th. 

The Bitcoin sum was reportedly sent via 2 individual transactions, equivalent to 998 BTC ($11.3 million) and 997 BTC ($11.3 million) at 3:51 a.m. EST and 06:22 a.m. EST, respectively.

The transfers have reportedly received controversial concerns, since the withdrawal features are suspended, meaning 1,995 BTC are stuck in the system. “Dude go the opposite way,” – a Twitter user shared remarks regarding the incident, while a few others believed that delayed BTC transactions have led to the situation. 

The transactions from Huobit reportedly made a large sum of Bitcoin added to OKEx’s overall BTC balance, with the specific figure of 276,184 BTC is at the moment stored on OKEx, across ít cold vault, hot wallets, and deposit wallets.

“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.” OKEx provided a public explanation, addressing the 3,500 BTC OKEx withdrawal tweet commented by Whale Alert.

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