According to the researchers at Glassnode, OKEx holds $2.3 billion worth of Bitcoin. The report comes after the exchange temporarily suspended withdrawals on October 16.
In a public statement, OKEx said that one of the persons holding a private key to the exchange’s wallet is cooperating with investigators. The statement reads:
“One of our private key holders is currently cooperating with a public security bureau in investigations where required. We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed… We assure that OKEx’s other functions remain normal and stable and the security of your assets at OKEx will not affected.”
Since exchanges use a cold wallet to process transactions, that means OKEx cannot process withdrawals without the private key holder.
The unexpected news rattled the Bitcoin market, mostly due to the size of OKEx as an exchange. It has remained one of the top exchanges in the global market, in both futures and spot.
The 15-minute price chart of Bitcoin. Source: XBTUSDT on TradingView.com
Does OKEx’s Massive Bitcoin Reserves Change the Dynamic?
The large Bitcoin reserve of OKEx has
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