OKEx Token Price Rises 11% on Rumors of Founder’s Release

In letter

  • OKB has increased in price.
  • That is after rumors about the release of its founder from custody.
  • Does this mean that withdrawals will resume on the exchange? It is unclear.

OKB, the coin that powers China’s OKEx cryptocurrency exchange, rose 11% today after rumors surfaced that Chinese authorities have released the exchange’s founder, Mingxing “Star” Xu from custody.

The price of an OKB is $ 5.42 as of now, down from $ 4.81 yesterday.

When Xu was arrested in mid-October, the price of OKB fell from about $ 6.00 to $ 4.26. The exchange paused withdrawals after reports surfaced that Chinese police had taken Xu into custody.

OKEx denies this characterization and denies rumors that Xu was jailed for money laundering. Decrypt OKEx has asked for further comments, although moderators have already banned us from the Telegram chat in order to discuss “fake news”.

“Wu Blockchain,” a Chinese crypto reporter, today announced rumors that Xu had “gained some freedom” and that Chinese police have not yet figured out whether to end the investigation or bail out before trial.

Wu Blockchain said there is no schedule for withdrawals to resume. “This could bring a little optimism to the investigative storm that is gripping the Chinese crypto industry,” said the independent journalist.

The quantities for OKB have been increasing all week. On Monday, OKB was trading for $ 56 million daily, as reported on data analytics site CoinMarketCap. Today traders moved OKB worth $ 143 million.

Even though the price of OKB has gone up, OKEx still doesn’t allow withdrawals from its exchange. An administrator in the OKEx Telegram chat said: “Sorry for the inconvenience. It is not available yet. Although I can’t share a timeframe at the moment, my team is trying our best to resume full platform functionality. “