More than $ 110 million was withdrawn from OKEx in a few hours after the resumption of the withdrawal function

Users of the OKEx cryptocurrency exchange withdrew more than $110 million within a few hours of activationoutbound transactions today.

According to the analytical firm Crypto-uant, the first group of transactions at 2,822 BTC passed within 15 minutesSince the resumption of service at 11:00 GMT.83% of them were sent to non-exchange wallets.This is the largest one-time outflow of funds from the exchange since May of this year.By 12:00 GMT, the amount withdrawn had increased to more than 4,000 BTC, or $68 million.

Over time, OKEx also began to record inflowbitcoins, which allowed its reserves to return to levels marked before the start of the withdrawal. CryptoQuant CEO Ki Yong Joo says these are not internal transfers, but user deposits.

OKEx stopped withdrawing funds on October 16 due tounavailability of one of the holders of her private key. During this time, bitcoin climbed to a 35-month high above $ 19,000. Some analysts believe that the rise in prices may have been supported by problems on OKEx that caused a supply shortage. Messari analyst Ryan Watkins, however, says it may be "pure coincidence."

Shortly before today's resumption of withdrawalof funds with OKEx bitcoin began to decline and lost about $ 3,000 in value within a few hours. Zhu expects the correction may continue as the inflow of coins to exchanges is still high.

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