OKB token price rises after circulating rumours of OKEx Founder’s release

After rumours that the OKEx's founder is free from Chinese authorities, OKB token's price rose by 11%, but withdrawal services remain suspended.

By · Nov 19, 2020 . 6min read

OKEx Founder's release latest news

The OKEx’s OKB token price rises by 11% today owing to the rumours that the OKEx exchange’s founder Mingxing “Star” Xu is released from the custody of Chinese authorities. A Chinese crypto reporter “Wu Blockchain” took to Twitter to announce that the OKEx founder, Star Xu, is free on bail. The tweet also states that Chinese authorities are uncertain whether to proceed with their investigation. The OKB price rises by 11%, with the exchange’s native token at $5.40 at the time of publication from $4.81.

Leading cryptocurrency exchange, OKEx introduced a light selling fear in the crypto space after abruptly suspending its services. Suspension of services occurred to cooperate with an investigation from the Chinese authorities. However, the suspension of services directly provoked a response in the Bitcoin price. The price fell by 3% while the OKB token also received a 15% hit. Thus, dropping from approximately $6.00 to $4.25.

Rumours result in the rise of OKEx’s token price.

However, the significant crypto exchange’s abrupt suspension of its withdrawals was because one of its private key holders was supposedly helping a public security firm regarding an ongoing investigation. OKEx founder Mingxing’ Star’ Xu was under detainment shortly after the suspension of the withdrawal services. The delegates from OKEx continuously dismissed rumours about Xu’s detainment for any money laundering activities.

In accordance with Wu Blockchain’s post, Star Xu has resorted to some freedom. Moreover, Chinese authorities are contemplating whether to discontinue their investigation relating to the OKEx founder. Wu Blockchain also discussed that it might be optimistic for the investigation encompassing the COO of Huobi as part of the investigation storm. 

The idealism may be growing as trading volumes for the OKB token have been unwaveringly springing. The value rose from $56 million in trades on Monday compared to $143 million in OKB traded today. This is in accordance with the data from CoinMarketCap. However, while Star Xu’s freedom may be shortlived, the OKEx exchange has still not reopened withdrawal services. The OKEx administrator atoned for the trouble. However, he declined to give any specific time frame for the accessibility of services. However, we await to see whether the OKEx’s founder is out of the clutches of Chinese authorities or is it a rumour.

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