OKEx Exchange Sees Over $2 Billion Crypto Inflow within 2 Hours

• OKEx crypto exchange received over $2 billion in crypto within two hours.
• The exchange said it was performing maintenance that required large sum movement.
• Previously, Binance moved over $2 billion BTC in one transaction. 

When news of a large fund moving in or out of crypto exchanges from an unknown wallet leaks, it is observed that the crypto community often experiences a slight panic.

Today, Whale Alert, an AI service that tracks coin movement across several blockchains, captured multiple outflows of funds from unknown wallets to the Chinese crypto exchange, OKEx. Within a two-hour window, OKEx received over $2 billion in crypto.

The reason for the massive inflow into the exchange was unknown to some crypto enthusiasts, causing them to speculate on different things. However, OKEx had earlier posted on its verified Twitter handle that it would be performing maintenance on its platform, which would cause the movement of large sums in crypto.

Late last month, in the height of crypto fear, uncertainty, and doubt (FUD), 127,351 Bitcoin (BTC) worth over $2 billion left the largest crypto exchange Binance in one transaction. The transfer threw the crypto community into intense panic as the firm gave no notification before the transaction.

While uncertainty loomed over the industry, the CEO of Binance, Changpeng Zhao, decided to talk about Binance’s Christmas instead. Nonetheless, Zhao clarified much later that the transaction was part of its proof-of-reserve audit, where the auditor required them to spend a specific amount of crypto to show ownership.

Notably, OKEx is among the major crypto exchanges that have published specific details of customer funds under their watch. According to CoinMarketCap, OKEx controls over $6.5 billion of customer funds.