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

OKB, OKEx ‘s native exchange token, lost almost an extra 20 percent of its market value on Saturday, taking its overall drop to approximately 30% after the second-largest cryptocurrency derivatives exchange halted early Friday morning withdrawals because a keyholder was out of touch.

Just about $5.90 before the reports, OKB had changed hands. The token is now priced at approximately $4.10. at last check.

OKEx CEO Jay Hao took to Twitter to reassure his clients:

“All your funds and assets are safe.”

The continued fall of the native token of OKEx indicates that many traders’ fears have yet to be alleviated.

First reported by CoinDesk, almost all cryptocurrencies dipped on the OKEx news, with bitcoin dipping nearly 3%. With Binance’s BNB, FTX’s FTT, and Huobi’s HT all falling between 4-6 percent, other exchange tokens followed.

Curiously, UNI, the newly released native token for Uniswap, the leading decentralized exchange, spiked almost 10% on the news of suspended withdrawals from OKEx. Still, Saturday morning, most of those gains had been reversed.

According to OnChainFX, OKB is the fifth largest centralized exchange token with an approximately $250 million market capitalization.

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