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OKEx records $2.4 billion in daily trading volume without data to back claims

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OKEx records $2.4 billion in daily trading volume without data to back claims
Source: Pixabay

According to ‘official’ data, OKEx recorded a daily trading volume of $2.4 billion on crypto derivatives. The official report further stated that the trading platform had “topped the industry globally,” replacing BitMex.

However, the “official report” was not revealed for public viewing, with many in the cryptosphere questioning whether the figures were true and if the digital asset exchange had actually topped BitMex to secure the topmost spot. Andy Cheung, Head of Operations at OKEx, congratulated his team on Twitter, following which a user inquired if the claim was fake. Cheung responded,

“Not at all. You have my words.”

The Malta-based digital asset trading platform previously drew backlash after publishing false trading volume data, primarily to gain web traffic.

In December, the trading firm released “Perpetual Swaps,” a p2p virtual derivative. Presently, the cryptocurrencies offered under the derivatives include TRX, BSV, BCH, EOS, XRP, ETC, ETH, LTC, and BTC. Crypto media portals have attributed the exponential increase in trading volume to the launch of Perpetual Swaps.

Within three months of the launch, OKEx registered a trading volume of $53 billion. Talking about market optimism during the crypto winter, the operational head stated,

“It is encouraging that traders are positive and open-minded to the future of cryptocurrency. This really strengthens our faith in going further.”

The exchange previously found itself in the midst of controversy after the Bitcoin hard fork. What infuriated traders on its platform was the fact that the exchange forced an early settlement of BCH contracts without prior notification, at a time when the prices were slumping.

OKEx offers over 400 tokens on its platform, and OKEx further announced the launch of an Initial Exchange Offering [IEO] called ”OK Jumpstart” on its platform soon. The IEO will essentially focus on incubating potential investors and entrepreneurs.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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GateHub: Stolen XRP funds transferred to prominent exchanges

Namrata Shukla

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GateHub stolen XRP funds moved to Bitfinex and OKEx
Source: Pixabay

The GateHub hack that took place earlier this month resulted in the exchange losing nearly 23 million XRP worth approximately $9 million. However, Whale Alert, a tracker of large crypto transactions, alerted the community of these stolen funds being moved to various different exchanges.

One of these exchanges was identified to be Bitfinex, which received 400,025 XRP on June 16 at 10:57:22 UTC. The sender’s address was r4hyDYXv7iV3oCahxQzqYYfgxwyBx3AyMN and was identified to be from the GateHub hack 2019. The receiver’s address was identified to be Bitfinex’s- r9o9MerrS7d2GAEs6JPj4v4JcvZAJNtLUY. The hash rate of the transaction was 21124F7818A2903E9750456D603CC9AACC9DBE6CE2EF0AA191C734339B4CA682 and the transaction details were as follows:

Source: Whale Alert

Source: Whale Alert

Another transaction was noted to take place to the Bitfinex wallet address where 100,000 XRP was transferred from another identified GateHub hack address. The identified Bitfinex’s wallet address was rDcz7P9YMpffLKhRBovTzhUr3wKtk3y9q7. This wallet address was quick to transfer the funds immediately to another exchange, OKEx. OKEx previously received 3,000 XRP from the stolen funds to an identified OKEx address- rUzWJkXyEtT8ekSSxkBYPqCvHpngcy6Fks. The hash rate of the transaction was noted to be BE97F68A20E996A2E1A37228DCBD45A1F26E8E2B3A842E9FCFFF7721157C1C37 and following were the transaction details:

Source: Whale Alert

Source: Whale Alert

The stolen funds were moved to another prominent exchange, Binance, and CZ was swift to inform Whale Alert that he would look into it. However, the crypto users did not find any relief about these funds going to other exchanges as the exchanges did not respond to the large transactions.





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