The OKEx stock exchange, where the Chinese police operated last week and one of its directors was detained, stopped the shooting of its users. But a way has already been found for corporate clients to withdraw their assets … only in exchange for a certain amount.
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 the withdrawal process 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, we would allow withdrawals.” Bankman-Fried also said he thinks no funds have been stolen or relocated.
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 account 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 said in a statement for the Hong Kong stock exchange on October 18 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 executive 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.