OKX to Investigate OKB’s 50% Fall
On January 23, the price of OKB, the token used on the OKX crypto exchange, plummeted from $51 to $25, experiencing a 51% drop.
However, after approximately 15 minutes, the price recovered to around $45, where it has remained at the time of writing. The cause for this sudden drop is still unknown.
OKX CEO Mingxin Xu acknowledged the high volatility and stated that the company is investigating the incident, with details to be released later.
According to CryptoQuant CEO Ki Young Ju, there have been no significant outflows of assets from OKX’s main reserves yet.
The team at Spot On Chain, an analytics platform, pointed out that a suspicious deposit of 176,154 OKB (equivalent to approximately $8 million) was made on OKX from 10 previously inactive crypto wallets on January 16.
It is suspected that these wallets may belong to one person, but there is no clear connection to the sudden price drop.
OKB, launched in 2018, is a utility token that provides holders with trading fee discounts and other VIP privileges on the OKX exchange.
