After a five-week-long suspension of all consumer withdrawals, cryptocurrency alternate OKEx  resumed regular providers at 8:00 am UTC on Nov. 26.

Having introduced the re-opening final week, OKEx then indicated it will be launching a compensation and rewards program to specific its gratitude to clients for holding out in the course of the disruption. 

These applications embrace fee rebate playing cards denominated in Tether (USDT), a one-time compensation fee based mostly on customers’ asset and transaction histories, and a doubling of the asset weight calculation for holders of the alternate’s native token, OKB.

Regardless of these efforts, at present’s knowledge reveals that the applications haven’t been sufficient to forestall customers from withdrawing their funds, having apparently misplaced confidence within the alternate.

Whereas withdrawals haven’t been open for lengthy, some telling preliminary knowledge is rising on social media transaction trackers. Mason Jang, the chief working officer of Crypto Quant, tweeted:

Extra data from CryptoQuant reveals that “the primary OKEx outflow after the withdrawal opening hit 2,822 BTC by the block timeframe,” which is “the year-high within the block timeframe”:

10-day Bitcoin alternate outflow whole for OKEx. Supply: Twitter

Crypto monitoring service Whale Alert additionally traced at the very least a few high-value transactions inside an hour of withdrawals opening:

As reported, OKEx had suspended withdrawals on Oct. 16 whereas one of many holders of the alternate’s non-public keys cooperated with an investigation led by authorities and was due to this fact unable to authorize transactions inside the scorching pockets system. 

The alternate has maintained it was not concerned in any unlawful actives, though there have been stories that its founder, Star Xu, had been questioned by police that very same week.

The sudden withdrawal suspension in mid-October triggered important volatility within the markets on the time, prompting a dip of three% in Bitcoin’s (BTC) buying and selling value. 

With outflows persevering with from the alternate to different exchanges and wallets, bearish sentiment is circling out there. BTC/USD has simply misplaced assist at $17,000, reporting its largest losses since March.