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October 31, 2020
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OKEx token price drops 20% after its founder’s arrest

OKB, the native token from the OKEx exchange, lost almost 20% of its market value on Saturday, bringing its total drop to about 30% since the second largest cryptocurrency derivative exchange suspended withdrawals on Friday morning.

OKB was trading for about $ 5.90 before the news. At the last check, the token now costs about $ 4.10.

The drama surrounding OKEx began on Friday, when news broke that the popular exchange had suspended all withdrawals from the platform.

Almost immediately, the cryptocurrency market responded with falling prices. Bitcoin lost about $ 350 in a few hours.

Shortly afterwards, reports emerged that OKEx co-founder Xu Mingxing was taken away by police more than a week ago and had not yet returned to work.

OKEx CEO Jay Hao accessed Twitter to reassure his customers: “All your funds and assets are safe.” Also at Weibo, Hao explained that the circumstances that kept OKEx’s founder out of contact with his company would not affect business.

The continued drop in OKEx’s native token indicates that the fear of many traders has yet to be assuaged.

Almost all cryptocurrencies fell with news related to OKEx, with bitcoin falling almost 3 percent. Other exchange tokens followed the decline, with BNB from Binance, FTT from FTX and HT from Huobi, all falling between 4-6 percent.

Interestingly, UNI, Uniswap’s native token, skyrocketed nearly 10% on news of suspended withdrawals from OKEx, although most of those gains were reversed as early as Saturday.

OKB is the fifth largest centralized exchange token with a market capitalization of approximately $ 250 million, according to OnChainFX.

Source: CoinDesk

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