After the police operation at OKEx, the shooting process was stopped, and users were allowed to make transactions between each other on Wednesday.
Developer Zulu Republic, liquidity provider Alameda Research and the cryptocurrency trading community Whalepool have created a way for the exchange's institutional investors to withdraw their assets on the OKEx exchange. According to this; users will sell their assets on the Ethereum blockchain in exchange for a token representing Bitcoin or USDT. The user who chooses this route will receive one token for each OKEx Bitcoin the initiative puts in their OKEx account. The token is currently trading at 0.93 WBTC ($ 12k) on the Uniswap exchange. Users have to waive $ 900 per token at current prices.
"If they thought that withdrawals would start tomorrow, they would tell us," said Sam Bankman-Fried, CEO of Alameda. We didn't get much information about what to expect. No guidance was given. "I think people started to think that after months, not weeks, they would allow withdrawals." Bankman-Fried also said he thinks no funds have been stolen or moved elsewhere.
At least 100 BTC orders are required
Zulu CEO Daniele Sestagalli said in an interview with him that 5 institutional investors reached out after the token became available. The initiative receives a 1 percent commission for swap and regulation controls. Customers who want to swap back to their OKEx accounts also have to pay a 1 percent commission. Sestagalli also informed that the minimum order amount is 100 BTC. Traders have to enter the Isaidno.ooo site to join the shooting approval waiting list.
OKG Technology Holdings Ltd's largest shareholder is known to be Xu Mingxing. The company announced on October 18 for the Hong Kong stock exchange that it was known that Xu was under an investigation in China. OKG Group stated that they have not yet reached XU about the investigation, but the group of companies has not been under any investigation in China.
On October 16, the OKEx exchange announced the detention of a manager as "an administrator who is anonymous but has private keys cooperating with the police" and stopped the withdrawal of funds. The price of the exchange's own token also fell seriously after the announcement.
