OKEx Token Price Tumbles Added 20% in Wake of Suspended Withdrawals

OKB, the native exchange token for OKEx, has lost nearly an additional 20% of its market value Saturday, bringing its total drop to roughly 30% since the second-largest cryptocurrency derivatives exchange suspended withdrawals early Friday morning due to a keyholder being “out of touch”.

• OKB traded hands just around $5.90 before the news. At last check, the token is now priced at roughly $4.10.
• OKEx CEO Jay Hao took to Twitter to reassure his clients, “All your funds and assets are safe.” Also on Weibo, Hao explained that the circumstances that have kept the keyholder out of touch with his company would not affect business.
• The continued drop of OKEx’s native token indicates that the fears of many traders have yet to be assuaged.
• Nearly all cryptocurrencies dipped on the OKEx news first reported by CoinDesk, with bitcoin dipping nearly 3 percent. Other exchange tokens followed, with Binance’s BNB, FTX’s FTT, and Huobi’s HT all dropping between 4-6 percent.
• Curiously, UNI, the recently launched native token for leading decentralized exchange Uniswap, spiked nearly 10% on the news of suspended withdrawals from OKEx, although most of those gains had been reversed by Saturday morning.
• OKB is the fifth largest centralized exchange token with an approximately $250 million market capitalization, according to OnChainFX.