OKX launches investigation after OKB price plunged by 50%

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Crypto alternate OKX has began an investigation into the abrupt 50% decline within the worth of its native token OKB.

Cryptocurrency alternate OKX has launched an investigation following a speedy 50% decline within the worth of its native token, OKB. The surprising plunge noticed OKB’s worth drop to $25.1, prompting OKX CEO Star Xu to address the matter.

Whereas the CEO didn’t delve into particular particulars, Xu stated the OKX group is actively investigating the latest volatility in OKB costs, promising to supply a report on the matter at a later time.

Whereas it’s unclear what was the rationale behind the short worth drop, CryptoQuant CEO Ki Younger Ju famous in an X post that “no notable outflows” from OKX’s main asset reserves have been registered to date.

Spot On Chain, a blockchain analytics platform, highlighted that the value decline coincided with the deposit of 176,154 OKB (equal to over $8 million) to OKX from 10 beforehand dormant crypto addresses. These deposits occurred roughly per week earlier than the incident, Spot On Chain stated, calling the transfer “suspicious.

In line with the agency, the wallets would possibly belong to a single entity, nonetheless, the connection between this entity and the following worth drop stays unsure.

Launched in 2018, OKB serves because the native token for the OKX alternate, primarily functioning as a utility asset inside the OKX ecosystem. OKB holders can get buying and selling price reductions when utilizing the token for transaction charges on OKX and might attain various VIP privileges on the buying and selling platform. As of press time, OKB is buying and selling at $46.3, in response to CoinGecko knowledge.

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