OKEx users have withdrawn about 29,300 BTC worth $500 million within 24 hours after the exchange resumed withdrawals on its platform. On the 26th of November, OKEx re-opened withdrawals after a sudden suspension announcement in October.
On-chain and market analysis firm Glassnode announced the in a tweet:
“Since yesterday’s announcement from OKEx to resume withdrawals, we have seen an outflow of 29,300 BTC from the exchange. In the same time period 21,600 BTC have been deposited, reducing the exchange balance to 212k BTC.”
CryptoPotato noted that OKEx users moved the withdrawn BTC to Binance, Huobi, and other third-party wallets. Seemingly, OKEx customers may be seeking other alternatives after the unforeseen suspension on all withdrawals. At the time of the suspension, the exchange claimed that one of its private key holders was unreachable.
The crypto community reacted when on the 19th of November, the exchange announced it would resume withdrawals. A Twitter user suggested that the exchange should provide compensation to customers to avoid losing them.
In a recent blog post, OKEx unveiled user compensation and reward programs. The compensation includes 20% rewards on total income, rebate cards, and more. The exchange highlighted the details of the compensation and a “Happy Friday Reward Program.”