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When will OKEX be online (What happened to OKEX)?

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When will OKEX be online? According to the official announcement from OKEX, the

When will OKEX be online (What happened to OKEX)?

When will OKEX be online? According to the official announcement from OKEX, the specific time for the platform to go live depends on the level of attention from its users. The announcement states that OKEx will open trading and enable withdrawal on September 28, 2019 (UTC+8).

It is understood that OKEX’s initial product is digital currency contracts, primarily providing spot trading, perpetual futures, and options. In traditional financial markets, the introduction of a new product often attracts numerous new investors to the cryptocurrency field, leading to increased market volatility. Therefore, OKEx has launched various services to meet the different needs of users, such as a one-click matching engine and an automated market maker.

What happened to OKEX

Editor’s note: This article is from BlockBeats (ID: blockbeats) and authorized to be reprinted by Odaily.

According to the announcement by OKEX, on December 8, OKEX suddenly suspended withdrawals, asset transfers, and launched a new round of liquidity mining activities. Users were unable to withdraw funds or make withdrawals. Additionally, the platform stated that it will conduct security audits and monitoring of user transactions to ensure the safety of user operations and the healthy operation of the system.

So what exactly happened? Today, let’s take a look at the story behind this event and its impact.

1) After OKEX froze $400 million, how will they handle these losses? According to the blockchain media outlet The Verge, “In early March, OKCoin announced that ‘to prevent users from suffering from attacks by digital currency exchanges,’ it promised to stop all services in June.”

OKEX founder and CEO, Jay Hao, later posted on Weibo stating that he had never received any email or SMS reply regarding this message. “I have contacted several team members, hoping to help with communication.”

2) From July 18, OKB has continued to rise and is currently trading above $18.88. From September 15 to 16, the total amount of coins listed on OKEx in the BTC/USDT perpetual contract delivery contract was 500 million. Among them, 50,000 coins were listed on the afternoon of July 19. During this period, the total market value of tokens on OKChain reached around $2 billion, a decrease of more than 10% compared to before.

3) Since the end of April, OKB has been in a sideways consolidation phase, with a maximum increase of nearly 70%. However, starting from October 27, the price began to fluctuate, with a minimum decline of more than 40%. One day later, OKEx also experienced a significant adjustment:

On May 14, at 11:30 am, OKB briefly surpassed the $20 mark, with a maximum increase of over 30%; on May 17, at 9:15 pm, OKB reached a high of 19.93. As of 1:55 pm today, OKEx quoted 16.73.

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